The 72-unit Adel Coccomo Residential Center in Haddam has a buyer, but the auctioneer, seller and lender aren’t uncorking any champagne until the deal officially closes by early September.
Joshua Olshin, president of auction house Tranzon Integrated Property Group, said the unnamed New York City-based buyer bid “well above’’ the $3.5 million reserve for the 18-month-old assisted living facility built by developer Carmen Coccomo for $14.5 million on 12 wooded acres at 1556 Saybrook Road.
“We were happy with the number,’’ Olshin said of the winning bid.
Olshin said the buyer’s identity and the sale price are being withheld until the transaction closes in late August or early September. He said the buyer is a seasoned operator of similar facilities on Long Island and several mid-Atlantic states, including Virginia.
The buyer was one of 18 “serious bidders’’ for the Adel Coccomo, which has struggled to find tenants.
Inside are 67 one-bedroom and four two-bedroom apartments, and one efficiency suite. Just 11 of the apartments are occupied, with 12 more on reserve.
Rents run from $3,000 to $4,000 or more a month, depending on amenities and household size.
Tranzon and the Coccomo’s main lender, People’s United Bank, required a $150,000 certified check from bidders just to walk in the room at the River House, a nearby conference center where the auction was held. Located in the town’s Tylerville section, the Coccomo’s landscaped exterior resembles an oversized Mount Vernon.
Connecticut is just the latest market for liquidating industrial, medical and office properties. Tranzon was auctioneer for nine assisted-living and skilled nursing facilities in Maryland, North Carolina and Tennessee once owned by Continuum Care Corp. of Florida. (GREGORY SEAY)
