Cambridge Apartments is located at 200-234 Fountain St. and 1269-1274 Forest Rd. and consists of the Towers--twin seven-story poured concrete buildings; a free-standing rental office/residence and an 11,000-sf activity/community room. In addition, the complex also includes the Annex, which consists of two detached two-story brick buildings that contain 18 rental apartment units. One of the Annex buildings is attached to the Mansion, which has another six rental apartments. The complex, which sits on a 4.7-acre site, also includes six detached single-family and multifamily dwellings.

The deal increases Tarragon's portfolio in the New Haven rental housing market where the company already owns the Liberty, a 123-unit rental apartment property at 152 Temple St. In the State of Connecticut, Tarragon Realty owns approximately 3,000 rental housing units and nationwide has a portfolio of about 16,000 housing units.

"It was an excellent opportunity to buy an older, tired multifamily property and bring some fresh investment and do a complete repositioning of the asset," says Saul Spitz, executive vice president of acquisitions for Tarragon. He adds that Tarragon plans to invest more than $1 million in upgrades to the property.