New York investor pays $19M for 101-unit CT apartment complex

A New York-based investor recently paid close to $19 million for a 101-unit apartment complex in Connecticut. 

Paredim Partners recently acquired the Centennial Apartments at 5 Spring Lane in Farmington for $18.77 million, the Hartford Business Journal reported.

The property, previously owned by Mystic Property Management Inc., was purchased by a limited liability company named Par Spring LLC, linked to Paredim Partners.

The complex, sprawling across nearly 12 acres, is composed of two groups of buildings. The first cluster, built between 1995 and 2000, consists of nine buildings, ranging from a 714-square-foot common area to 4,800 square feet buildings that accommodate six to eight units each. 

Another set of structures, dating back to 1987, includes two 14,000-square-foot buildings with 14 units each and an 11,200-square-foot building housing 11 units.

Monthly rent for the studio to two-bedroom apartments ranges between $1,750 to $2,400

Paredim Partners, with a strong presence in the Northeast and a focus on the Tri-State area, has a track record of managing multifamily properties, with a portfolio of over 4,000 apartment units since its inception in 2002. 

It recently converted Hawthorn Suites by Wyndham hotel in Manchester, Connecticut, into 110 apartments has further cemented their reputation as a prominent player in the real estate market. 

Connecticut has been a popular place for investors in multifamily properties.

Over the summer, 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.

— Ted Glanzer