(To read more on the multifamily market, click here.)

NEW BRITAIN, CT-A group of local investors–Bralite Holdings LLC–has acquired the Regency adult rental apartment development here for $7.38 million. The transaction was part of a tax-deferred exchange.

The complex was sold by 55 Spring Street LLC, which had purchased the development some years back and converted it into a 55-and-older active adult rental community. The property sits on 5.43 acres at 55 and 85 Spring St.

The development was built in the 1970s as a conventional rental apartment community, but fell into disrepair. The property was purchased from a bank in a REO transaction a few years ago by 55 Spring Street LLC, which completely renovated the property before its conversion to an active adult community, says Steven Witten of Marcus & Millichap.

Witten and Victor Nolletti of Marcus & Millichap’s New Haven office were the sole brokers . The seller was represented by Bruce Temkin, an attorney in Hartford. Michael Pease of Pease & Dorio PC of Farmington represented the buyer. The New Haven office of New Alliance Bank provided the financing for the deal.

The property was on the market for about 45 days, Witten notes. The Regency consists of studio, one- and two-bedroom units in two six-story mid-rise masonry buildings. There are 30 studio apartments, which total between 375 sf to 450 sf; 97 one-bedroom, one-bath units that total between 550 sf to 600 sf and 24 two-bedroom, one-bath units that are about 800 sf in size.

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