Across from Dunkin’ Donuts Park in Hartford’s Downtown North neighborhood, developer Randy Salvatore began building 270 new apartments last fall and he’s already making plans for the next batch of a few hundred more.
Salvatore, CEO of Stamford-based RMS Cos., brushes aside any suggestion that the COVID-19 pandemic which fueled significant demand for single-family homes has made multifamily property investment more tenuous.
“I remain as bullish as ever about the long-term prospects for Hartford and this development,” Salvatore said in a recent interview. “Time is the most prized possession for a lot of people. They work really hard and they don’t want to be doing yard work on the weekends and going to Home Depot to buy a part to repair the toilet. They want to be able to just enjoy themselves.”
MIAMI, FL – JLL Capital Markets announced today it arranged a $28.5 million acquisition financing for Alvista Willow Brook, a 180-unit multi-housing property located in Meriden, Connecticut, that will now go by the name The Arlo.
JLL represented the borrower, Beachwold Residential, to secure the acquisition financing through the lender, Sound Point Capital. The Sound Point Capital team was represented by Jordan Heller and Marc Tolchin.
The Arlo was built in 2005 and has continuously received upgrades in recent years. The property consists of studio, one- and two-bedroom units boasting open and oversized floorplans. There are also 12 two-bedroom townhomes at the property. Community amenities include a clubhouse, fitness center, swimming pool, business center and dog park.
A New York-based multifamily operator and investor has acquired a 180-unit Meriden property for $34.8 million, the deal broker announced.
CBRE said Thursday that Beachwold Residential has purchased Alvista Willow Brook from Phoenix Realty Group, which according to land records acquired the 211 Pomeroy Ave. community in 2014 for $27.5 million.
The property was built in 2005 and features a resident lounge, fitness center, outdoor pool and covered private garage parking. During its ownership, Phoenix upgraded 30% of the units, according to CBRE, whose brokers represented Phoenix and procured the buyer.
“We are pleased to have represented PRG in this sale, as they have done a fantastic job upgrading the property and maintaining very strong operations during the pandemic,” said Jeff Dunne, a CBRE vice chairman. Alvista Willow Brook is emblematic of the demand from both renters and investors that suburban communities are seeing right now.”
CBRE announced the $34.8 million sale of Alvista Willow Brook, a 180-unit apartment community located in Meriden, CT.
The CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, an affiliate of Phoenix Realty Group (PRG), an active multifamily owner, operator, equity investor, developer and fund manager with properties throughout the United States, while also procuring the buyer, Beachwold Residential.
Built in 2005, the seller has completed renovations to 70 percent of the units and the community features a resident lounge, fitness center, outdoor pool, covered private garage parking and a leasing office. Located in the Hartford suburbs, it is proximate to I-91.