Two Hartford apartment buildings fetch $14.5M
PHOTO | Contributed
748-768 New Britain Ave., Hartford.
PHOTO | Contributed
Boulevard West Apartments, 873 W. Boulevard, Hartford.
PHOTO | Contributed
Park West Apartments, Vernon.
A Connecticut landlord has sold a pair of Hartford apartment buildings with 217 units for $14.45 million, brokers say.
Forum Capital Partners LLC bought the 52-unit 748-768 New Britain Ave. property in Hartford's south end, and the 165-unit Boulevard West Apartments in the city's west end from Hartford Realty Holding Co. LLC.
The New Britain Avenue property consists of three, two-story buildings with 44,200 square feet of rentable space erected in 1958 on 2.61 acres. There is on-site parking for 52 vehicles.
Boulevard West comprises a pair of four-story buildings with 137,250 square feet of rentable space on 2.05 acres at 873 W. Boulevard.
Amenities include a gym and gated parking with 120 covered spaces. Approximately $500,000 in capital upgrades were recently completed at the complex, which was opened in 1971.
The New Haven office for investment-commercial real estate broker Marcus & Millichap represented both parties in the sale.
Vernon’s Park West redo
The Boston nonprofit owner of Vernon's 190-unit Park West Apartments has completed an extensive, $29 million renovation of the Tolland County market-rate community.
According to The Community Builders Inc. (TCB), Park West's individual units, ranging from one, two and three bedrooms, received updated bathrooms and kitchens, including new cabinets, and high-efficiency, gas-fired boilers.
Outside, TCB said it repaired walkways and retaining walls, and installed new roofs and storm doors. The makeover also added a new community center, with a computer lab; community space with kitchen; laundry room; management offices; and a conference room.
Acquired in 1995, Park West, TCB spokesman Jacquinn Sinclar said via email, is comprised of 13 two-story buildings containing 190 family units, 44 one-bedrooms, 126 two-bedrooms and 20 three-bedrooms. The units — both single floor and townhouse-style — were built in 1968.
Mixed-income household monthly rents, including heat and hot water, range from $820 for a one-bedroom unit; $984 to $1,014 for two bedrooms; and $1,085 for three bedrooms.
The state Department of Housing, Connecticut Housing Finance Authority and the U.S. Department of Housing & Urban Development participated in the makeover, TCB said.
TCB said Park West is its latest investment in its Connecticut portfolio of nine housing developments totaling more than 850 units, including Hartford's Dutch Point apartments, and Kensington Square Apartments, Victory Garden and West Village apartments, all in New Haven.
MicroCare’s Rocky Hill relo
MicroCare Corp. has leased 30,000 square feet of Rocky Hill warehouse and office space to relocate its precision-cleaning manufacturing and distribution operations from New Britain, brokers say.
MicroCare will move to 1022 Elm St. from 221 South Street in New Britain.
Virginia Industries Inc. owns the 127,323-square-foot industrial building. Sentry Commercial, in tandem with Hart Group International, was sole broker.
Erland's Hamden relo
Suburban Boston general contractor Erland Construction is relocating its Connecticut office from East Windsor to Hamden.
Erland officials said its 20-person Connecticut staff will move shortly into 4,000 square feet in Suite 101 of Hamden Center II, 2321 Whitney Ave.
Eric Greene, Erland's vice president and regional manager, said it opened its East Windsor office at 160 Bridge St. in 2009, while overseeing the first of three construction phases of Mansfield's Storrs Center mixed-use development in the shadow of UConn.
The contractor said that as its Connecticut workload has grown, it sought a more central location.
Erland has two projects underway in downtown Stamford — Summer House, a mixed-use high-rise apartment, and Element One, a six-story mixed-use apartment community.
Erland is based in Burlington, Mass.
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