February 23, 2017
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.
For comments, questions or concerns, please contact Amy Sorter