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RiverOak Invests $2.5M in $37.5M Groton Apartment Complex

STAMFORD, CT-RiverOak Investment Corp. reports that it has invested $2.5 million in the development of "The Ledges," a new 339-unit luxury apartment complex in Groton, CT. that will cost $37.5 million to build.

By John Jordan | Updated on August 22, 2002

STAMFORD, CT-For $2.5 million in investment capital, RiverOak Investment Corp., a privately held real estate investment fund here, has acquired a preferred equity position in the development of a $37.5-million residential project in Groton, CT.

RiverOak completed the transaction with its development partner Groton Community LLC of Stamford, CT. The partners will develop The Ledges,” a new 339-unit luxury apartment complex.

The apartment complex will comprise 14 buildings on Drozdyk Drive in Groton, and will be divided among single-level and townhouse-style apartments with one to three bedrooms. RiverOak officials note that monthly rents are expected to range between $1,500 for a one-bedroom, single-level, to $2,100 for a large three-bedroom unit. Occupancy of the first finished apartments is scheduled for late spring 2003, according to marketing agent Trammell Crow. The project will be built in phases over the next two-and-a-half years, according to a spokesman for RiverOak Investment.

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