Colonial Gardens at 455 West State St. in Trenton — Courtesy: CBRE
By Joshua Burd
An apartment owner has sold a combined 160 units in Trenton for a total of $20.5 million, in a set of newly announced transactions by CBRE.
The seller, Metropolitan America, completed the deals with separate buyers that are both marking their entrance to the Trenton market, according to the brokerage team. The properties include Colonial Gardens, a 97-unit complex at 455 West State St., and a 63-unit, loft-style property at 507 Grand St., known as Grand Court Villas.
CBRE’s Rich Gatto, Fahri Ozturk and Zach McHale represented the seller in the transactions, while also procuring the buyers for each asset.
“We are very pleased to have represented Metropolitan America in the sale of these assets,” said Gatto, a senior vice president with CBRE. “After a long period of lower rental growth pre-pandemic, Trenton is currently in the midst of a post-pandemic boom with rents growing roughly 10 percent year-over-year on average. This growth should continue to attract investment into the community.”
In a news release, CBRE said Colonial Gardens consists mostly of one- and two-bedroom apartments. The firm added that the seller invested significant capital into the property during its tenure to improve unit finishes, common areas and major building systems.
Meantime, units at Grand Court Villas have 14-foot ceiling heights, large private balconies and expansive window lines. Built in the early 1930s by La Corona for the manufacturing and distribution of cigars, the property boasts Spanish Colonial Revival architecture and is a distinctive example of adaptive reuse.
“We have now closed over 20 deals for Metropolitan America to date,” said Ozturk, also a senior vice president. “We are so appreciative of them entrusting us with the disposition of their assets and look forward to our continued partnership for years to come.”
Cliff Corrall, managing partner of Metropolitan America, added: “Rich, Fahri and their entire CBRE team did a great job getting both deals to the finish line in a very difficult market environment. These were two distinctly different properties that each required their own unique marketing plan. A job well done on both as usual.”