Harbor Group, Cammeby’s Purchase 932-Unit Connecticut Asset

The Pavilions

Harbor Group International LLC and Cammeby’s International Group have acquired The Pavilions, a 932-unit community in the Manchester suburb of Hartford, Conn. Cammeby’s will handle the property’s management.

According to Yardi Matrix data, the buyers assumed $124.5 million in CMBS debt, due in 10 years, and originated by CBRE Capital Markets. The asset last traded more than two decades ago, in 2001, for $89.9 million, when Northland bought the property from AvalonBay Communities.

Completed in two phases in 1990 and 1992, the community features one-, two- and three-bedroom floorplans, with an average unit size of 912 square feet. In-unit amenities include washers and dryers, fireplaces and vaulted ceilings. Residents also have access to two fitness centers, two swimming pools, a sand volleyball court, two tennis courts, two racquetball courts, a dog park as well as multiple resident lounges. HGI plans to implement a $21.2 million capital improvement program, which will include unit renovations and amenity upgrades.

A strong partnership

Richard Litton, president of HGI, stated in prepared remarks that the long-term financing with a below market rate will benefit the investment in the current environment of increased interest rates.

HGI and Cammeby’s have a history of collaborating on large acquisitions. Earlier this year, the partners purchased an 816-unit luxury high-rise in Miami. In September of last year, the two firms acquired a 5,302-unit New Jersey portfolio for $1.05 billion.

Located at 345 Buckland Hills Drive, the asset is roughly 10 miles from downtown Hartford. Its proximity to interstates 84 and 91 offers easy access to the area’s large employers, including Pratt and Whitney, Prudential, Aetna and Hartford Hospital, all situated within less than 10 miles from the property. Multiple dining and retail options are also situated nearby.