The Errichetti family is parting ways with Exchange Place Towers in Waterbury, CT; Flanders West in Southington, CT; and Countryside I and Countryside II in Wolcott, CT. According to a statement from John Dragat, CIO of Urban Strategy America Fund, the properties are 99% leased, "which makes this an attractive investment for the portolio."
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 fashioned as townhouse-style apartment communities. The JV was not at liberty to disclose the purchase price of the portfolio.
USA Fund I provided the funds for the purchase with senior mortgage financing from Bank of America, as well as mezzanine financing from Boston Community Capital.
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