ROCKY HILL, CT-Two Westchester County, NY-based real estate investment firms have acquired the 400-unit Glenbrook at Rocky Hill apartment complex here from Capital Properties of New York City. Joint venture partners Robert Martin Co. LLC of Elmsford and Paredim Partners of White Plains purchased the property in a deal valued at $35 million. Prospect Capital Corp. of New York City is also a partner in the acquisition, say officials with the partnership.
The Glenbrook complex features 40 three-story buildings located on 40 acres off Century Hills Drive. The property offers a mix of one- and two-bedroom units for rent. A company spokeswoman notes that with the acquisition, the new ownership plans a multimillion-dollar capital improvement program for both the interior and exterior of the property. The complex is currently approximately 90% occupied.
Among the planned improvements include: the development of a new clubhouse and fitness center, lounge area as well as the replacement of the community's single-pane windows with energy-efficient windows. Also in the works are upgrades to the signage, common areas and the landscaping. The plans for the new clubhouse require local approvals before work can begin. The size of the new clubhouse facility has yet to be determined.
In a joint statement, Jennifer Robertson, head of acquisitions of Robert Martin Co., and David Parisier, president of Paredim Partners, say, "We are extremely excited to have the opportunity to provide the residents of Glenbrook with a revitalized community that includes the modern amenities and enhanced environment they desire."
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