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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.”

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