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March 28, 2022

Torrington affordable housing complex sells for $15.3M

Photo | CoStar 330 Highland Ave. in Torrington.

A 176-unit affordable housing apartment complex in Torrington sold for $15.3 million in a sale recorded March 21.

Highwood Rehab Associates L.P., a business tied to Hamden-based developer Michael Belfonti, sold the 59-year-old Woodland Hills complex to Woodland Hills Community Partners L.P., of Irvine, Calif.

The 15-building complex sits on 18.92 acres at 330 Highland Ave. The buildings range from 11,462 square feet to 19,807 square feet, for a total of 214,907 square feet of building space.

Highwood Rehab paid $3.2 million for the property in 2002, according to the city assessor’s website.

Belfonti said the property needs extensive rehab, and it made sense to sell to an entity that specializes in navigating government tax credits for redevelopment.

The principal for Woodland Hills Community Partners listed in state business records traces through two business entities to California affordable housing real estate investment firm WNC. According to its website, WNC is “a versatile affordable housing organization with extensive expertise in tax credit syndication, preservation & rehabilitation services, and private equity investment funds.”

WNC says it partners with more than 400 developers in 48 states, working together to house 1 million people in more than 1,400 affordable housing properties.

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