05/03/2024
LEGACY CENTER PURCHASED FOR $3.65M
Peace TREF Family,
On April 4th 2024 during our quarterly members’ meeting we announced the sale of our beloved asset and community beacon the TREF Legacy Center. We are proud that this iconic asset created Class A Commercial Real Estate ownership for thousands of families, worked with Fortune 500 companies, empowered local business owners and transformed the lives of over 400 young black men in just four years despite opening into a global pandemic January 8th 2020.
Despite the sentimental value and all of our emotional attachment to this beloved community treasure, we as a real estate fund had to make the most financially prudent decision for our business health, our partners and the future of the company. Our decision was also influenced by the observation of the accelerated decline of commercial assets in the country such as Blackstone’s $420 million dollar loss of its 1740 Broadway asset in NYC or the many others we see defaulting every single day in our industry.
At the beginning of April we listed the Legacy Center on the commercial real estate market for $3.5 Million and it instantly drew high demand, high profile buyers and intense behind the scenes negotiations.
Today we’d like to share with our partners, supporters and allies that after less than 30 days on the market we have now closed and are the recipients of an all cash transaction for the total sum of $3.65 Million ($165,000 over asking price) purchased by a young thriving investment group who we believe will carry the torch of enriching our community in their own unique way building upon the great and historic legacy we created!
We are excited about this next chapter and season for our fund and credit our resilience in the face of adversity to our Heavenly Father who called us to this work and who favors us.
The last 6 years have been challenging but have equipped us with the learnings, strategy, focus and endurance to be conquerors in our quest to execute successful mass scale group economics in our generation- in this life time. It’s only UP from here… The marathon continues!!! 🤟🏿
Next Quarterly Members’ Meeting July 2nd @ 6pm… 🏁
