December 13, 2017
Deal Watch Today

Hartford apts. bring $3.7M

Photo | Contributed
Photo | Contributed
The Ritz Grande Apartments in Hartford have sold for $3.7 million.

The 58-unit Ritz Grande Apartments in Hartford's South End sold for $3.7 million to a New Jersey realty investor that has taken a shine to the city.

Aria Legacy Group (ALG), of Lakewood, N.J., bought the property at 29 Annawan St. from seller Ritz Grande Apartments LLC, according to seller's broker Northeast Private Client Group.

Mortgage broker Eastern Union Funding arranged acquisition financing with Freddie Mac through realty broker-adviser CBRE for the deal, officials said.

The Ritz Grande features fully remodeled one- to four-bedroom units with modern appliances and hardwood floors. Amenities include on-site laundry, a playground, basketball courts and off-street parking.

The Ritz marks ALG's 16th multi-family purchase in Greater Hartford since 2015, said Managing Principal Joe Novoseller.

Its most recent was the $3.2 million purchase of the 65-unit Congress Street Apartments, in the South Green neighborhood on downtown's the southern edge, in July. In June 2016, ALG acquired a pair of South End apartments -- 70-unit property at 37 Charter Oak Place and another at 29 Charter Oak Ave., with 10 units and a pair of ground-floor spaces -- for $4.5 million.

In Nov. 2015, ALG acquired a pair of Waterbury apartment properties.

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