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June 25, 2024

WinnCompanies acquires 84-unit Hartford apartment; plans $18.7M upgrade

WinnCompanies Bedford Gardens Apartments in Hartford.

Boston-based developer WinnCompanies has acquired Bedford Gardens Apartments in the Clay Arsenal neighborhood of Hartford, the company announced Tuesday.

Bedford Gardens contains 84 apartments in 10 three-story residential buildings. The purchase price was not disclosed.

Now, the company’s development arm, WinnDevelopment, plans to begin an $18.7 million effort to renovate the apartment buildings, which were built in the 1920s.

When finished, the community will be renamed Claystone Commons.

The renovations include upgrading the brick exteriors; installing new roofs, balconies, windows, HVAC systems, kitchen cabinets, appliances, bathroom fixtures and security features; adding on-site laundry facilities and a property management office; and creating nine fully handicapped-accessible units.

The work will occur in phases, allowing some residents to remain while construction occurs. Resident relocations will be coordinated by Boston-based HousingToHome.

The renovations should be finished in June 2025, the company said.

“We are excited for the opportunity to preserve the affordability of this landmark, property for decades to come, and to make long-term capital upgrades that will improve the quality of life for current and future residents,” said WinnDevelopment Executive Vice President Adam Stein.

Several entities are helping to finance the project, including the Connecticut Housing Finance Authority, which is issuing tax-exempt bond financing and providing the construction and permanent mortgage, as well as a soft loan. 

According to the state Department of Housing, all units will be designated as affordable to households who earn at or below 60% area median income.

DOH is providing $4 million for the development, while Connecticut Housing Finance Authority is investing $3.89 million in financing as well as 4% Low-Income Housing Tax Credits that will generate $8.6 million in private equity. 

To prepare for the project, WinnDevelopment worked with the city of Hartford and a Rhode Island-based consultant to place Bedford Gardens on the National Register of Historic Places.

The acquisition marks the ninth apartment community owned by WinnCompanies in Connecticut. The company’s property management arm, WinnResidential, operates 20 other Connecticut apartment properties on behalf of private or non-profit owners.

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