Institutional Property Advisors Brokers $63 Million Newly Constructed Luxury Apartment Complex Sale in Windsor, Connecticut cadillacnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cadillacnews.com Daily Mail and Mail on Sunday newspapers.
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.”
Herald Realty Sells Niche Asset in Connecticut
Herald Realty Sells Niche Asset in Connecticut
The deal includes approvals to add another 32 units as well as amenity and outdoor terrace space to the property. May272021
Image courtesy of Institutional Property Investors
Institutional Property Advisors has brokered the sale of 100 Prospect Apartments, a 94-unit luxury community in Stamford, Conn. According to Yardi Matrix data, the previous owner was Herald Realty Management. The company paid $18.4 million for the asset in 2016.
Located at 100 Prospect St., the property originally served as an office building constructed between 1977 and 1981. Converted for residential use in 2008, the community was expanded with 12 new units added in 2018. The transaction included approvals for the addition of another 32 apartments and 7,100 square feet of amenity and outdoor terrace space.