A Manhattan-based affordable housing developer recently paid $41.25 million for a 276-unit apartment complex in Waterbury, after pledging to spend $17 million rehabbing the roughly 72-year-old complex.
A limited liability company tied to L+M Development Partners bought the 68-building Laurel Estates complex at 173 Bucks Hill Road – also known as 40 Farmcrest Drive – in a deed recorded by the city Feb. 14.
The seller, Cooper Village Limited Partnership, paid $5.47 million for the complex in 1982, according to city assessing records.
Waterbury’s Board of Aldermen, in January, signed off on a 20-year tax deal to facilitate the deal. It holds the first property tax payment to $846,246, with future increases tied to increases in federal Section 8 rental subsidies. In return, L+M pledged to spend $17 million on repairs.
The work will include removal of hazardous materials, including asbestos and lead paint; refurbished kitchens and bathrooms; new flooring and fixtures; and accessibility upgrades. All windows will be replaced and roof drainage repaired, among other upgrades.
On its website, L+M describes itself as a “full-service real estate development firm that develops, invests, constructs and manages properties” primarily in the New York tristate area.
L+M said it is responsible for about $20 billion in development and investment, with more than 57,000 residential units preserved, completed, acquired or under development.
Waterbury Mayor Paul Pernerewski said the sale to L+M and rehab will keep the development enrolled in the U.S. Department of Housing and Urban Development’s affordable housing program, while also ensuring a much needed upgrade.
“We are happy to see it sold,” Pernerewski said. “As you know, there is a great need in Waterbury and throughout the region for affordable housing.”
