Circle F Lofts at 435 Tyler St. in Trenton, part of Time Equities Inc.’s newly acquired Trenton Loft Portfolio in the city — Courtesy: Time Equities
By Joshua Burd
An investment and development firm has acquired a three-building, 200-unit collection of loft-style apartments in Trenton for nearly $30 million.
The New York-based buyer, Time Equities Inc., said its newly added Trenton Loft Portfolio is located within walking distance of the Trenton Transit Center and the city’s historic Chambersburg neighborhood. It did not disclose the addresses of the properties.
“We view our purchase of the Trenton Loft Portfolio as an opportunity to acquire a high-quality, Class A urban portfolio in a community underserved with respect to the product type,” said Brian Soto, director of acquisitions and asset management at TEI. “We were impressed by the level of detail and thought which went into the design and renovation of the buildings by the original developer and their commitment to providing a quality product which is generally in scare supply within the region.”
Soto and Max Pastor, director of acquisitions at TEI, served as the acquisition and asset managers in the $28.85 million transaction. JLL’s Michael Oliver, Fran Coyne and Jose Cruz represented the undisclosed seller.
In announcing the deal, TEI touted the buildings’ proximity to highways including Route 1 and interstates 295 and 95, providing easy access to Princeton, Philadelphia and Manhattan.
“Beyond being high-quality multifamily product, the Trenton Loft Portfolio offers market leading amenities to tenants such as screening rooms, fitness centers and lounges which are unique in the market,” Pastor said. “We foresee the addition of the Trenton Loft portfolio as a complementary addition to our growing multifamily portfolio providing the opportunity for sustainable cash flow and future appreciation.”
