Hartford’s Lafayette Arms apts. sell for $6.9M
PHOTO | Contributed
Lafayette Arms, 194 Washington St., Hartford
The 136-unit Lafayette Arms apartments in Hartford have sold for $6.9 million after drawing multiple bidders, brokers say.
New York City-based Brickpoint Capital LLC's Premier Properties West affiliate bought the 47-year-old property at 194 Lafayette St. in September from Lafayette Arms Apartments LLC, according to brokers CBRE/New England and Hartford commercial listing broker Chozick Realty.
CBRE/New England's Boston office said its Multifamily Debt & Structured Finance Group secured $5.52 million in financing for the deal.
According to Chozick Realty, the seller in 1996 acquired Lafayette Arms' mix of 123 one-bedroom, 10 two-bedroom and three three-bedroom apartments.
The complex has been improved in recent years with energy-efficient lighting, windows, roof and a central gas-fired heating system, brokers said. There is onsite, gated parking for 91 vehicles.
The property is located one block from the Hartford Hospital campus, and brokers say it has maintained consistently high occupancy.
$350K Newington sale
A downtown Newington building sold recently for $350,000 to a buyer who will house the newest branch of its physical-therapy and sports medicine practice there.
Edge Lea Holdings LLC bought the 4,500-square-foot building at 64 Market Square from SAFD LLC, according to sole broker Reno Properties Group LLC.
The owner plans to make major renovations to the site before opening its 16th Connecticut Physical Therapy & Sports Medicine center there, brokers said.
Ryan Ryan lease
Stamford law firm Ryan Ryan Deluca LLP (RRD) has taken 8,056 square feet in downtown Hartford's CityPlace II, relocating law offices from temporary space in Windsor.
The civil litigator specializing in insurance expanded its footprint into the Hartford region last March, with six attorneys housed in the Regus Business Center in Windsor, in which subscribers lease temp office space.
RRD relocated its 11 attorneys and support staff to the sixth floor of CityPlace II, 185 Asylum St., on Oct. 1. Plans are to add more staff soon, the firm said.
Steve Malitz is lead partner in RRD's Hartford office. The downtown tower's owner/landlord is CityPlace II LLC.
Middletown leases
Middletown broker Trevor Davis Commercial Real Estate LLC was involved in four lease deals in the Middletown Business Park, 430-468 Smith St., with landlord BostonMiddletown LLC: New Tech Installation leased 3,171 square feet; the state Department of Administrative Services on behalf of the Department of Rehabilitation Services signed for 1,340 square feet; UBTS took 583 square feet; and A&B Home Health Care leased 411 square feet.
Those four leases raised the business park's occupancy to 85 percent, broker-owner Trevor Davis said.
Deal Watch wants to hear from you. E-mail deal information to: gseay@HartfordBusiness.com. Gregory Seay is the Hartford Business Journal News Editor.
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