The Errichetti family is parting ways with Exchange Place Towersin Waterbury, CT; Flanders West in Southington, CT; and CountrysideI and Countryside II in Wolcott, CT. According to a statement fromJohn Dragat, CIO of Urban Strategy America Fund, the properties are99% leased, "which makes this an attractive investment for theportolio."

Exchange Place Towers is 150-unit, 11-story apartment building,while Flanders West is 145-unit mid-rise apartment community.Countryside I and II are 55 and 54-unit properties, respectively.The properties each consist of eight attached buildings fashionedas townhouse-style apartment communities. The JV was not at libertyto disclose the purchase price of the portfolio.

USA Fund I provided the funds for the purchase with seniormortgage financing from Bank of America, as well as mezzaninefinancing from Boston Community Capital.