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October 29, 2019 Deal Watch Today

Downtown Hartford’s Teachers Village apartments nearly fully leased

Photos | Contributed Teacher Village, 370 Asylum St. in Hartford.
By Joe Cooper

A long vacant office building on Asylum Street in downtown Hartford that was recently transformed into a 60-unit, mixed-use apartment complex geared toward teachers is almost fully leased, officials said Monday.

Lead developer RBH Group and other funders and partners spent $20 million to convert the former six-story office building at 370 Asylum St. -- now called Teachers Village Hartford -- into studio, one- and two-bedroom apartments. The building previously sat vacant for about 15 years.

The year-and-a-half renovation of the brick building built in the early 1980s was completed in May, before the 60 units were pre-marketed to teachers and educational professionals working in Hartford.

As of Monday, 98 percent of the units had been leased, with 60 to 70 percent of tenants being Hartford teachers or educational professionals, a spokesman for RBH Group said. In total, 30 percent of the units are affordable, and 70 percent are market rate, he said.

As previously reported, monthly rents begin at $747 for a 599-square-foot studio; one-bedrooms start at $800; and $1,200 to start for two-bedrooms. Teachers get a 10 percent discount.

Tenants began moving into the apartment complex in recent months, he said.

The building features a fitness room and laundry room, limited covered and indoor parking, and a shared kitchen. Retailers are still being sought for vacant ground-level space, officials say.

The teacher-focused project mirrors other similar mixed-use developments completed by RBH Group in Newark and Chicago in recent years.

In addition to RBH Group, other funders and partners in the Asylum Street project include the city of Hartford, the Connecticut Housing Finance Authority, Connecticut Department of Housing, Capital Region Development Authority and the state Department of Economic and Community Development. 

Others include Prudential Social Investment Group, Goldman Sachs Urban Investment Group, and affordable housing developer, Community Solutions Inc.

Public and private partners, elected officials and residents will celebrate the building’s revival at a Tuesday morning ribbon-cutting ceremony.

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