Alvista on Baltimore - La Mesa, CA
March 19, 2014
GlobeSt.com – MF Complex in CT Acquired for $27.5M
“There is no product of this high quality in the market, and that’s not a judgement call, it’s a fact,” said PRG President, Keith Rosenthal regarding the firm’s recent acquisition of Newbury Village, a 180-unit multifamily property in Meridian, Connecticut with PCCP,LLC for $27.5 million. The property is undergoing a value-add repositioning effort, and will be rebranded and renamed as Alvista Willow Brook.
The property’s location and uniqueness were the two main selling points for PRG. Rosenthal explains, “Typically in this market, residential properties are garden apartments, whereas this is an elevator building.”
“We’re going to make upgrades to the units with granite countertops, stainless steel appliances and some changes to the clubhouse and the amenities offered. The quality of the buildings and the location will allow us to increase the value to the tenants,” Rosenthal added.
This is an excerpt of the article “MF Complex in CT Acquired for $27.5M” which appeared on GlobeSt.com on March 19, 2014.