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327-Unit Portfolio Sells for $22M

NEW LONDON, CT-Two properties change hands for a total of $21.65 million here and in neighboring Groton, CT.

By Ryan Clark | Updated on August 01, 2008

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.

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