Prominent real estate investor sells 38-unit West Hartford apartment complex for $6.34M
COSTAR
The apartments at 415 Prospect Ave., in West Hartford.
Hartford-based real estate developer Lexington Partners recently sold a 38-unit apartment complex in West Hartford for $6.34 million.
In a sale recorded by West Hartford on March 7, Lexington Partners sold the five-building complex on nearly nine-tenths of an acre at 415 Prospect Ave. The buyer was an LLC headed by Tzvee Rotberg and Yechezkel Sussman.
The Prospect Avenue complex includes five, two-story buildings completed in 1954. The brick buildings range from 3,672 square feet to 9,633 square feet.
The property was part of a portfolio of six West Hartford apartment properties acquired in 2022 for $22.9 million by Lexington Partners and its frequent collaborator LAZ Investments.
The 121-unit deal in 2022 involved three separate sellers. At the time, Lexington Partners said it planned to invest $4 million to address deferred maintenance and complete interior renovations.
Lexington Partners said the investment was a value-add alternative to its other major project in West Hartford, a 292-unit apartment redevelopment of the former Sisters of St. Joseph of Chambery convent and grounds.
Lexington President and CEO Chris P. Reilly said his company has no plans to sell other parts of its West Hartford portfolio anytime soon.
“We routinely look at values and when something hits a value we like as a potential seller, we sell it,” Reilly said.
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