Alvista Pembroke Landings - Pembroke Pines, FL
June 21, 2011
Phoenix Realty Group buys $27.65 million apt. community in Connecticut
- Phoenix Realty Group and Paredim Partners Purchase $27.65 Million Apartment Community in Danbury, CT– Hillcroft at Danbury has eight buildings with 192 units set on 10 acres
NEW YORK – Phoenix Realty Group (PRG) and Paredim Partners have announced the acquisition of the $27.65 million Hillcroft at Danbury, an apartment community of 192 units on 10 acres in Danbury, Conn. Optimally located with direct access to Interstate 84, the extensively renovated property is almost fully occupied and serves young families and professionals that commute to employment centers in Fairfield County, Conn. central Connecticut and Westchester County, N.Y.
“We are investing in a well-located, high-quality asset with great upside potential,” explained Edward Ratinoff, PRG’s managing director of national acquisitions. “Value-enhancing renovations are planned under the direction of our experienced operating partner, Paredim Partners, who currently owns and operates more than 1,200 units in the Fairfield and New Haven County markets.” PRG’s investment was made on behalf of the firm’s institutional real estate fund that already has invested in some 2,000 apartments across the tri-state area of Connecticut, New York and New Jersey.
“We were attracted to Hillcroft at Danbury because it is the ideal price-conscious workforce housing, offering a comfortable lifestyle and large apartments without the higher price tag of nearby rental communities,” said Steve Scioscia, PRG senior vice president. “And teaming with Paredim, we think PRG’s recent volume of multifamily acquisitions showed us to be an attractive bidder for the property,” he added.
“Renovations have been performed on nearly all of the units over the past several years,” said David Parisier, principal and founder of Paredim Partners. “This garden-home community is already very desirable to renters, but it will be further set apart from local middle-market communities and will compare to high-end properties when we complete the planned $1 million in targeted upgrades.” These improvements will focus on landscaping, open spaces, apartment finishes, expansion of the fitness center and additional amenities such as covered parking, all of which are expected to be completed in approximately 12 to 18 months, according to Parisier.
Hillcroft at Danbury offers a combination of studio, one, two and three-bedroom units in three-story walk-up buildings.
Phoenix Realty Group is a national real estate investment manager and direct owner providing capital and expertise for the development and operation of rental and for-sale residential properties, low-income tax-credit housing, and mixed-use and commercial projects in urban areas across the United States. The vertically integrated firm maintains extensive fund management, underwriting, development, construction management and asset management capabilities. PRG has attracted investments from America’s leading public pension funds, banks and insurance companies, with discretionary funds that invest in opportunistic and value-added real estate ventures. The firm currently manages investments representing $2 billion in real estate development and acquisitions.
Paredim Partners LLC is an owner-operator of multi-family residential properties in the Northeast, specializing in the Connecticut marketplace. Founded in 2002, the firm has been involved in the acquisition, repositioning and/or conversion of more than 2,000 apartment units. Paredim Communities, the firm’s in house management group, provides strong local expertise and a hands-on approach to its portfolio of properties and investments. Paredim’s investment and operational philosophy is based upon acquiring urban and suburban properties in select Northeast markets with significant barriers to entry, developing unique amenity-oriented projects with superior living environments.
