Time Equities (TEI) has acquired a 200-unit, class A, multi-housing three-building portfolio (the Trenton Loft portfolio) in Trenton, N.J., for $28.85 million. The seller was not disclosed.
“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 scarce supply within the region.”
The three buildings are located in the Trenton Transit Center/Chambersburg neighborhood and are within walking distance of each other as well as the Trenton Transit Center, which offers Amtrak and NJ Transit train service, making it an ideal location to access Philadelphia and/or
