April 8, 2019
Deal Watch Today

W. Hartford apt. pair sold at $12.2M

Photo | Apartments.com
Photo | Apartments.com
The former OakWood Apartments at 43-51 Caya Ave. in West Hartford has been sold. Its new name is Enclave West Hartford.
Photo | Apartments.com
The former Park Place West apartments on Newington Road in West Hartford has been renamed as Parc West.

A pair of West Hartford apartment buildings have sold for about $12.2 million to new owners who plan more than $1 million in upgrades to their combined 109 units and common areas.

New Jersey landlord CS Acquisition Group and Canadian financier Capital American Realty Partners Corp. announced Monday they partnered to pay about $143 per square foot for the 46-unit former OakWood Apartments, 43-51 Caya Ave., and 63-unit former Park Place West, 158-160 Newington Road, from New Jersey-based Legendary Management.

A Capital American affiliate issued a first mortgage to finance the purchase, officials said.

With the buyout, both properties have been renamed Enclave West Hartford and Parc West, said Jacob Reiner, CS Acquisition's operations director.

As part of the transaction, Capital American said it committed to investing about $1.2 million over the next three years to upgrade both properties with new appliances, flooring and interiors, among other improvements.

The latest apartment purchases expand CS Acquisition's sizable Greater Hartford apartment portfolio, consisting of 14 other properties in five communities. They include The Packard in West Hartford; Regency Place Apartments in Hartford; Springwood Gardens in New Britain; and The Pointe at Dorset Crossing in Simsbury.

CS is prowling for more Connecticut apartment properties, Reiner said.

"We're looking for deals in the area,'' he said. "We understand the local market. We have buying power in the market.''

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