"After incurring significant construction costs, the owner has unfortunately been unable to devote the appropriate resources towards attracting tenants in the way that a new and better capitalized owner would be able to," explains Oren Klein, VP and auctioneer at Tranzon, in a statement.
[IMGCAP(2)]Joshua Olshin, president of Tranzon, in a statement, sees this as an opportunity a "premium asset at a distressed price." Klein also pointed to the current market surrounding this market, saying, "Seniors make up 13.4% of the Connecticut population which is well above the national average. More significantly, competing facilities in the area offer residents less competitive packages and are still operating at close to 100% occupancy."
The auction will be head on Wednesday, August 5th, 2009 at three in the afternoon. The owner was not disclosed, however the project was owned and developed by Carmen Coccomo.
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