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July 28, 2023

Affordable housing investor pays nearly $18M for 312-unit New Haven apartment complex

By Michael Puffer

A limited liability company tied to Hamden-based real estate company sold a 312-unit affordable apartment complex in a $17.69 million deal recorded on July 5.

B\G Connecticut I LLC, whose manager is Hamden-based Belfonti Associates, sold the seven-building complex on 26.55 acres at 341 Smith Ave. in New Haven to Sunset Ridge Apartments LLC. 

The property is on a private road and also goes by the address of 17 Mountain Ridge Terrace.

The principals of Belfonti Associates are real estate developer and builder Michael Belfonti, of North Haven, and Marc Franzman, of Milford.  Belfonti Associates is an arm of Belfonti Companies, the development and investment company headed by Michael Belfonti. 

The buying LLC is affiliated with Spring Valley, New York-based Capital Realty Group, an affordable housing investor.

As part of the deal, the buying LLC assumed $13.18 million owed to the Connecticut Housing Finance Authority, the balance of past loans associated with the New Haven property.

According to its website, Capital Realty Group owns close to 17,130 affordable units in 27 states, including the newly acquired Sunset Ridge Apartments.

The principal of the buying LLC and CEO of Capital Realty is Moshe Eichler, of Spring Valley. His company has complexes sprinkled across the country, with the highest concentrations in the Northeast and Florida. Sunset Ridge is Capital Realty’s sixth property in Connecticut.

Another LLC leading back to Belfonti Associates sold a 176-unit affordable housing complex in Torrington for $15.3 million in March. 

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