X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW LONDON, CT-Landings Capital and Development LLC is purchasing a two-building, multifamily portfolio for $21.65 million. Squire One Associates Limited Partnership and Prescott Square Limited Partnership are parting with the Squire One, here, and Willow Pond Apartments–located in nearby Groton, CT–totally 327-units, roughly $66,208 per unit. The deal was brokered by Steve Witten and Victor Noletti of Marcus & Millichap Real Estate Investment Services in New Haven.

“Connecticut is a very stable apartment market,”explains Noletti to GlobeSt.com.”it has extremely high barriers to entry and it presents a very attractive value for the mid to long-term hold apartment buyer.” Landings, a Rhode Island-based company, is repositioning the core-B assets, Noletti continues. “They have a fairly significant rent upside based on what we call a K&B program–kitchens and bath–and landings is very effective at implementing that type of renovation program.” The buildings are currently around 96% occupied and the buyer intends to “renovate on turn” as well as revamp the exterior along with landscaping to raise curb appeal.

Squire One Apartments is at 11 Anthony Road here and consists of 171 units in eleven buildings on 8.79 acres Willow Pond–at 45 South Road in Groton, CT–has 156 units in six buildings on 10.15 acres. The owners are based in the “mid-Atlantic” area, says Nolletti, and are selling the property to reallocate dollars closer to them. The companies have owned the buildings for around 18 to 20 years before this sale.

Explaining the value of the deal, Nolletti enumerates that “the economy in southeastern Connecticut has become much more diverse.” The area boasts industries ranging from entertainment, casinos, the service industry, military, pharmaceutical, and tourism. “Relative to this transaction, the southeastern apartment, Connecticut market, continues to remain very competitive and maintain exceptional occupancy rates.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.