Flanders West Apartments, Southington, CT

February 23, 2017 Comments Off on Fund Snags 404-Unit Seniors Housing Portfolio Views: 354 Connecticut, Healthcare News, National News, Northeast, Senior Housing

Fund Snags 404-Unit Seniors Housing Portfolio

The NHP Foundation-Urban Atlantic Fund I LLC acquired four seniors apartment complexes in Connecticut from Beacon Communities LLC. The 404-unit portfolio, located in the Hartford, CT area, consists entirely of Project-Based Section 8 Housing Assistance Payment contracts.

The property originally belonged to the Errichetti family.

The portfolio consists of:

  • 150-unit Exchange Place Tower Apartments, 44 Center St., Waterbury, which sold for $12.5 million
  • 109-unit Countryside Apartments I & II, 12 Wolf Hill Rd., Wolcott, which sold for $10.75 million
  • 145-unit Flanders West Apartments, 1 Darling St., Southington, which sold for $18 million

The $50 million equity fund was launched in 2012 by PNC Bank, Urban Atlantic and the NHP Foundation, with a goal of acquiring and preserving affordable housing that represents sound investments. Including the current buy, the fund owns 10 properties consisting of 1,200 units.

Read More at PR Newswire

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