Phoenix, Paredim Acquire Connecticut Community for $27.7M
- Jun 21, 2011
Danbury, Conn.—Phoenix Realty Group and Paredim Partners have acquired Hillcroft at Danbury, a 192-unit apartment community located in Danbury, Conn., for $27.65 million. PRG’s investment was made on behalf of the firm’s institutional real estate fund, a program that has already invested in 2,000 apartments across the New York tri-state area.
Hillcroft at Danbury consists of studio, one-, two- and three-bedroom units in three-story walk-up buildings. The property has direct access to I-84 and largely serves young professionals and families that commute to Westchester County, N.Y., and Fairfield County, Conn. Marcus & Millichap represented the sellers.
“We were attracted to Hillcroft at Danbury because it is the ideal price-conscious workforce housing–offering a comfortable lifestyle and large apartments without the higher price tag of nearby rental communities,” says Steve Scioscia, PRG senior vice president. “And teaming with Paredim, we think PRG’s recent volume of multifamily acquisitions showed us to be an attractive bidder for the property.”
“Renovations have been performed on nearly all the units over the past several years,” says David Parisier, principal and founder of Paredim Partners. “This garden-style home community is already very desirable to renters, but it will be further set apart from local middle-market communities and will compare to high-end properties when we complete the planned $1 million in targeted upgrades.”
The upgrades will be focused on improving landscaping, open spaces, apartment finishes and expanding the fitness center. The campaign will also add additional amenities such as covered parking. All improvements are scheduled to be completed in approximately 12 to 18 months.
Harbour Realty acquires 368-unit property in Florida
Tamarac, Fla.—Harbour Realty Partners has acquired Hidden Harbour Apartments, a 368-unit property located in Tamarac, Fla. The acquisition was made through the firm’s Harbour Apartment Opportunity Fund I, a program that seeks out Class B multifamily properties on behalf of the fund’s private and institutional investors. CW Capital arranged the financing, which was provided by Freddie Mac.
Hidden Harbour Apartments was built in 1998 and was remodeled when it was acquired by the previous owner, an institutional private equity fund, in 2004. The property is located near employment centers such as Ft. Lauderdale, Fla., Ft. Lauderdale-Hollywood International Airport and Port Everglades, Fla.
GFI Realty sells 8 mixed-use buildings in prime Brooklyn location for $10M
New York–GFI Realty Services Inc. completed the $10,000,000 sale of its exclusive listing, Atlantic Gardens (525-541 Atlantic Avenue), in the Boerum Hill section of Brooklyn, NY.
The eight mixed-use buildings consists of 22 apartments (seven of which are rent stabilized) and eight commercial units, totaling approximately 36,000 square feet with available air rights. Lon Rubackin formerly of GFI Realty Services represented the seller, a private investor, in this transaction, and Rick Helfand and Shawn Sadaghati, also of GFI Realty Services, represented the buyer.
“The properties are located along Atlantic Avenue’s main corridor,” says Helfand. “The buyers are a private investment group that jumped at the opportunity to purchase a mixed-use portfolio that was completely renovated. The property is only steps from the new Nets Arena which is attracting upscale retail and development, which will only increase its value.”
“Atlantic Gardens represents a rare opportunity to own eight buildings on a single block located in Boerum Hill, a prime area that is steadily increasing in value,” says Shawn Sadaghati. “Also, the available air rights create a great opportunity for the new ownership to potentially expand the retail as well as increase the residential units.”
The development of Atlantic Gardens has been highly acclaimed counting the 2009 Brooklyn Building Award for Best Mixed Use Redevelopment as one of its acknowledgements. 525-541 Atlantic Avenue sits in a prime location with the Atlantic Terminal, the future Barclays Arena, Barneys Co-Op, the Fulton Mall and 12 major subway lines including the LIRR just blocks away.