LA investment company buys CT apartment complex for $71M

The multifamily market is uneven across the country, but there’s still some juice to squeeze.

In Connecticut, Los Angeles-based investment and management company Afton Properties bought The Place at Catherine’s Way, a 303-unit Manchester apartment complex for $71 million, the Hartford Business Journal reported.

It’s Afton’s first foray into The Nutmeg State’s market since the company was established in 2016.

The 31-acre property, which is composed of one-, two-, and three-bedroom apartments, previously changed hands in 2015 for $50 million, the outlet reported.

The most recent sale translates to approximately $234,00 per unit.

Built in 1998, the apartment complex features 11 buildings with all units being offered at market rates. 

The property boasts a range of amenities, including a clubhouse, spa, hot tub, tennis court, swimming pool, fitness center, business center, and volleyball court. Notably, unlike many new apartment developments, the complex primarily consists of two- and three-bedroom units, varying in size from 690 to 1,350 square feet.

The transaction was facilitated by Victor Nolletti from Institutional Property Advisors and Marcus & Millichap, who described the property as a “well-positioned asset.”

Connecticut has seen a number of multifamily properties change hands in recent months.

In April, Brooklyn-based investor Gershon Eichorn purchased from New Wilston Associates a 147-unit apartment complex in Waterbury for $19.3 million.

Eichorn used three LLCs — Northeast Holdings, HH CT LLC and AEL Group — to transfer the three-building apartment complex, called Highland Ridge on Schraffts Drive and Gayridge Road, to Berry Equities LLC, the Hartford Business Journal reported.

Eichorn is listed as the principal of Berry Equities, the outlet said.

The complex has three 41,000-square-foot buildings that sit on nearly 6.5 acres. Each building has at least 47 units.

Chozick Realty Inc. had the listing.

In March, Jones Street purchased from San Francisco-based Hamilton Zanze both Middletown Brooke and Middletown Ridge apartments, which have a total of 520 units, for a combined $94 million.

Yellowstone Property Group purchased the 164-unit Reserve41 complex at 41 Wolfpit Avenue in Norwalk in late December 2022 for $48.7 million from Norpointe LLC, a partnership led by Greenwich-based real estate investment firm Belpoin.

— Ted Glanzer