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HARTFORD, CT-A joint venture–between Urban Strategy America Fund and Beacon Communities Fund I Limited Partnership–is purchasing a four-property portfolio. The properties are spread over two towns in Connecticut and total 404-units of senior housing apartments. The properties met the triple bottom line objective of Urban Strategy America’s by being affordable housing for senior in the state of Connecticut.

The Errichetti family is parting ways with Exchange Place Towers in Waterbury, CT; Flanders West in Southington, CT; and Countryside I and Countryside II in Wolcott, CT. According to a statement from John Dragat, CIO of Urban Strategy America Fund, the properties are 99% leased, “which makes this an attractive investment for the portolio.”

Exchange Place Towers is 150-unit, 11-story apartment building, while Flanders West is 145-unit mid-rise apartment community. Countryside I and II are 55 and 54-unit properties, respectively. The properties each consist of eight attached buildings fashioned as townhouse-style apartment communities. The JV was not at liberty to disclose the purchase price of the portfolio.

USA Fund I provided the funds for the purchase with senior mortgage financing from Bank of America, as well as mezzanine financing from Boston Community Capital.

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