A New York state multifamily investor and operator has paid $18.77 million for a 101-unit apartment complex on nearly 12 acres in Farmington.
Mystic Property Management Inc., of Stamford, sold the Centennial Apartments at 5 Spring Lane to a limited liability company tied to Elmsford, New York-based Paredim Partners.
The deal was logged by the town on Sept. 25.
Mystic Property Management paid $7.5 million for the property in 2015. Mystic Property’s principals are Philip B. Gussak, of Pound Ridge, New York, and Mitchell W. Saunders, of Westport.
The buyer, Par Spring LLC, shares an address with Paredim Partners. Its principal is Par Spring Manager LLC, whose principal is David Parisier, founder and managing director of Paredim.
The Farmington property hosts two clusters of apartment buildings.
One cluster has nine, 4,778-square-foot buildings hosting six to eight units each. These were built between 1995 and 2000. This cluster also includes a single, three-unit building completed in 1950, and a 714-square-foot common building erected in 1985.
A second cluster features two, 14,072-square-foot buildings with 14 units each, and one 11,184-square-foot building of 11 units. All three date to 1987.
Paredim says it is an owner-operator of multifamily properties in the Northeast, with a focus on the tri-state area. Founded in 2002, the firm said it has been responsible for the acquisition, repositioning and/or conversion of more than 4,000 apartment units.
In 2021, Paredim received local land-use approvals to convert the Hawthorn Suites by Wyndham hotel in Manchester, at 191 Spencer St., into 110 apartments. The company bought the property for $7.5 million that year.
Paredim has sold the resulting “Apex One91” complex to Cue Residential, according to a recent announcement by Institutional Property Advisors, a division of Marcus & Millichap.
IPA, which secured the buyer in the Manchester deal, did not disclose the sale price, and the deed has not yet been logged in town land records.
