A relatively new 300-unit apartment complex in Hopewell Township has been sold for $115.7 million, according to Mercer County property records, marking one of the largest recent real estate transactions in the Hopewell Valley area.
The property, commonly known as One Hundred Forge, formerly Woodmont Forge, and legally listed as 87 Federal City Road, was sold within the past month by Woodmont Federal Hopewell Urban Renewal to Living Hopewell Urban Renewal, according to a recorded deed.
At the same time as the purchase, the new owner secured $74.7 million in financing from Teachers Insurance and Annuity Association of America (TIAA), according to a mortgage recorded concurrently with the sale.
The coordinated filings indicate a standard institutional transaction, with the deed and mortgage recorded simultaneously as part of a single closing.
New ownership
The sale represents a transition from the project’s original developer, Woodmont Properties, to a new ownership group tied to Living Residential, which owns and operates multifamily properties across New Jersey and eight other states.
Now marketed as “One Hundred Forge,” the development includes 300 rental units and was completed in 2024, reaching full lease-up in 2025 before being sold.
The project was built as part of the Township’s third-round affordable housing obligations and includes approximately 48 affordable rental units.
What the numbers show
Based on the recorded sale and financing:
- Purchase price: $115.7 million
- Loan amount: $74.7 million
- Remaining balance: approximately $41 million
The transaction includes a combination of debt and equity, with the mortgage covering a portion of the purchase and the remainder representing the buyer’s investment in the property.
The loan was provided by Teachers Insurance and Annuity Association of America (TIAA), a national institutional lender.
Local implications
The transaction formalizes the change in ownership of one of the largest recent residential developments in Hopewell Township. Living Residential is a NJ based company that manages other apartment communities across the state. They focus on rental properties in suburban and commuter markets.
One Hundred Forge was built as part of a designated redevelopment plan and includes a financial agreement with the Township, including affordable housing agreements at a PILOT. That agreement remains in place and transfers with the property.
Township officials previously approved the transfer of that agreement, in a resolution passed in Feb. 2026, allowing the new ownership entity to assume all obligations tied to the project, including those related to affordable housing.
No additional details about the transaction, including ownership structure or financing terms beyond the recorded mortgage, have been publicly released.
