CBRE reps Metropolitan America in dual property sales
CBRE announced the sale of two residential properties in Trenton with a total of 160 units for a combined $20.5 million on Nov. 17.
The firm represented the seller, East Orange-based Metropolitan America, in the transactions and was also responsible for procuring the unnamed buyers for each asset, which it said marked the first acquisition for both in the Trenton market.
The CBRE Tri-State Capital Markets Group included Senior Vice Presidents Rich Gatto and Fahri Ozturk and Senior Associate Zach McHale.
Remarking on the appeal of the area, Grotto said in a statement that “[a]fter 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% year-over-year on average. This growth should continue to attract investment into the community.”
According to CBRE, Metropolitan America invested a significant amount of capital into this multibuilding property to improve unit finishes, common areas and major building systems. The 97-residence complex is predominately comprised of one- and two-bedroom layouts.
With a distinct front-facing façade, this 63-unit, loft-style building was built in the early 1930s by La Corona cigar company to manufacture and distribute cigars. CBRE described the Spanish Colonial Revival as one of the most unique adaptive reuses in the New Jersey market. Apartments feature 14-foot ceilings, large private balconies and expansive window lines allowing for ample natural light.
According to Ozturk, the team has now closed more than 20 deals for Metropolitan America. “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,” he said.
Metropolitan America Managing Partner Cliff Corrall added that the 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.”