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June 12, 2024

Company founded by real estate mogul, Dolphins owner Stephen Ross buys Waterbury apartment building for $26.3M

Costar 31 Nottingham Terrace, Waterbury.

A Waterbury senior apartment building has been acquired for more than $26 million by a New York City real estate investment firm founded by Miami Dolphins owner Stephen Ross.

The Nottingham Towers apartments, at 31 Nottingham Terrace, was sold by Nottingham Towers Investors LLC for $26.3 million to Nottingham Towers Preservation, an affiliate of Related Affordable, in a deal recorded May 13, according to city records.

Nottingham Towers is an eight-story, 165-unit senior housing complex built in 1977. It last changed hands 20 years ago when Nottingham Towers Investors bought it for $4.4 million in August 2004, according to city records. The building sits on 2.95 acres and the property has a total appraised value of $15.2 million. 

The Related Companies was founded by Ross more than 50 years ago and has since acquired real estate assets valued at more than $60 billion, made up of mixed-use, residential, retail, office and hospitality properties.

A spokesperson from the Related Affordable team said “As one of the largest private developers of affordable housing in the U.S., Related has remained committed to providing quality homes for 50-plus years. We are proud to be able to preserve Nottingham Towers as Senior Affordable Housing in partnership with the Connecticut Housing Finance Authority and the local Housing Authority of the City of Waterbury. This acquisition will not only extend the building’s affordability status but will also undertake a significant renovation for the community including upgrades to exteriors and interiors, plumbing repairs, window replacement, and much more.”

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