Michael Belfonti, president and chief executive officer of Belfonti Associates, notes that the company previously owned the site. "When the real estate market began its rapid decline in the late 1980s and early 1990s, we chose to sell the asset and create liquidity in an increasingly illiquid market. When we were given another opportunity to purchase Briarwood at a fair price, we promptly took advantage of it."
Briarwood Hills is located on a nearly nine-acre tract at 100 State St. just off Exit 10 of I-91 and consists of 10, two-story brick buildings that total 128,559 sf. The complex features one- and two-bedroom garden units with monthly rents ranging from $850 to $950, Witten says. The units run anywhere from 588 sf to 875 sf. In addition to central air conditioning, many of the units feature lofts, spiral staircases, sundecks and garden terraces. Other amenities include: an in-ground pool, a clubhouse and 270-covered parking spaces.
Belfonti adds that over the years the property changed hands several times and none of the owners made "any significant capital improvements." The firm plans to immediately undertake exterior and interior renovations to the property and has plans for a new clubhouse and fitness center sometime in the future.
Marcus & Millichap Investment Real Estate Service of New Haven brokered the sale. The firm's Steve Witten and Victor Nolletti were the sole brokers. Dana Friedman of the Milford, CT-based law firm Harlow, Adams and Friedman PC represented the buyer. Financing for the transaction was provided by Deutsche Bank and was brokered by Epstein Canarick Corp. of Jericho, NY.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.