An investment group with offices in Connecticut and New York has acquired a 29-building townhome complex in Groton for $25.4 million. In a deed recorded June 30, limited liability companies with addresses in Woodbridge and New Haven purchased two properties on either side of Litton Ave., totaling 9.2-acres, and hosting 29 buildings of three to […]
An investment group with offices in Connecticut and New York has acquired a 29-building townhome complex in Groton for $25.4 million.
In a deed recorded June 30, limited liability companies with addresses in Woodbridge and New Haven purchased two properties on either side of Litton Ave., totaling 9.2-acres, and hosting 29 buildings of three to six units each.
Northeast Private Client Group, the brokerage firm that represented the seller and procured the buyer, announced the sale on Thursday.
The sellers were five limited liability companies connected to Lakewood, New Jersey-based multifamily investor SKR Management. Shloime Rosenberg, a principal of SKR, signed the deed on behalf of the selling LLCs.
The buyers are two LLCs tied to Rowin Capital and its affiliate, Penlane Real Estate Partners, according to Northeast Private Client Group. Both firms operate out of Connecticut and New York. The principals of the purchasing entities are Joseph and Daniel Scherban, the brokerage said.
Bradley Balletto, managing director of Northeast Private Client Group, said the Scherbans have been seeking investment opportunities in Groton, where real estate activity is heating up.
Not only is Electric Boat adding thousands of jobs, but life sciences, pharmaceuticals and other industries are growing in the Groton area, part of a broader flourishing of interest all along the Connecticut shoreline, Balletto said.
“I think the whole shoreline has transitioned from retirees and tourism to a place young people want to come and make a life,” he added.
Balletto said the 1957-vintage Groton Townhomes have already seen some recent upgrades, but the new owners plan to make further improvements to the units and grounds to enhance the tenant experience.
The property last sold for $17.35 million in late 2019, according to assessor records.
