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June 12, 2023 / 2023 Power 25 Real Estate

2023 Power 25 Real Estate: Amit Lakhotia

Amit Lakhotia

Amit Lakhotia entered the New Britain multifamily market in March 2021, with the $2.5 million purchase of a 42-unit, mixed-use apartment building at 38 Main St.

Since then, the former dentist turned developer has rapidly built up a pipeline of projects converting declining office properties into apartments in this blue-collar city.

In January, Lakhotia launched a $17.5 million project to transform an office building at 102 West Main St., into 79 apartments with a first-floor restaurant complemented by a rooftop bar. The development will include laundry services, a fitness center and basement parking.

In May 2022, Lakhotia launched an ambitious project to redevelop the 135,000-square-foot former Stanley Black & Decker headquarters on Myrtle Street into 106 apartments.

A native of India, Lakhotia moved to Connecticut in 2006 to be closer to his wife’s parents in Norwalk.

After first moving to Connecticut, he made a living managing dental offices. Then he worked as a consultant, establishing new dental practices in partnership with licensed dentists.

Lakhotia tried his hand at becoming a landlord in 2012 to supplement his income, starting with two- and three-family buildings in New Haven and Bridgeport.

As he gained confidence, he invested in increasingly larger buildings. Eventually, he decided to focus exclusively on residential investments.

The apartments Lakhotia is building in New Britain are market rate.

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