MERIDEN, CT—Phoenix Realty Group has formed a joint venture with PCCP, LLC to acquire Newbury Village, a 180-unit multifamily property here, for $27.5 million. The property is being rebranded and renamed Alvista Willow Brook.
Jeffrey Dunne and Patrick Carino of CBRE's New York Institutional Group, in conjunction with Mike Stone of CBRE's Hartford multi-housing team, represented the seller in the transaction.
The 180-unit property's uniqueness in the market, as well as its location, were the major selling points for Phoenix, president Keith Rosenthal tells GlobeSt.com.
“There is no product of this high quality in the market, and that's not a judgement call, it's a fact,” he asserts. “Typically in this market, residential properties are garden apartments, whereas this is an elevator building.”
Further, he says, “It was excellent location for people who want to commute to a multiple of job centers. It has access to several highways, including 91 and the Merritt Parkway, so residents can go to New Haven/Yale, Hartford, Watertown and Middletown.”
The New York-based PRG will be responsible for managing the operations of the 2005-vintage property, while PCCP is providing approximately $8 million as the equity partner in the transaction.
The joint venture will make improvements to the apartments in order to add even more value to the property, Rosenthal says. “We're going to make upgrades to the units with granite countertops, stainless steel appliances and some changes to the clubhouse and the amenities offered. The quality of the buildings and the location will allow us to get better rents if we increase the value to the tenants.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
