For the second time in about four months, developer Avner Krohn has sold a recently completed, mixed-use apartment building in downtown New Britain to Lakewood, New Jersey-based multifamily investors.
On Wednesday, Krohn and the brokerage that listed the property — Marcus & Millichap’s Institutional Property Advisors division — announced the sale of “The Highrailer,” a six-story, 114-unit apartment building with 5,600 square feet of ground-floor retail space at 283 Main St.
The sale price was not disclosed.
Completed this year, the 100,492-square-foot building sits across Main Street from New Britain City Hall and next to “The Brit,” a 107-unit mixed-use apartment building Krohn completed in 2024.
Krohn sold The Brit in early January for $31.07 million.
The buyer of both properties is a partnership between New Jersey-based firms INV360 and Reliant Partners, which together own a portfolio of upscale apartment properties in Connecticut, Krohn said.
In January, Sol Katz, managing partner and chief investment officer of Reliant, described the firm as the real estate arm of Shimon Jacobovitz’s private family office. He said INV360 is a private equity firm focused on business turnarounds and real estate investments.
Following the acquisition of The Brit, Katz said the partners planned to introduce operational efficiencies and enhance the building’s lifestyle offerings.
“The guys buying these assets own a few thousand units in Connecticut, and they are a fantastic manager and operator of Class A assets,” Krohn said.
Krohn said continued investor interest reflects ongoing development momentum in downtown New Britain.
He and his firm, Jasko Development, have been a principal actor in that transformation through several high-profile projects. Those developments have also helped convince other developers to invest in apartment projects that have been highly sought by city officials.
In addition to The Brit and The Highrailer, Krohn sold “The Andrews,” a former office building converted into 20 apartments above a ground-floor restaurant, for $4.5 million in February 2025, according to land records.
He has also recently listed another downtown property — a 36,500-square-foot former post office building at 114 West Main St. — for sale through the Ten-X online auction platform. Bidding is scheduled to begin April 27, with a starting bid of $1 million.
Krohn bought the building for $775,000 in 2022 and renovated it, including creating a roughly 6,000-square-foot office for Jasko Development. He said the decision to sell reflects a strategy of stabilizing assets and redeploying capital.
“We felt we built the value necessary to stabilize the asset, and that’s what prompted us to put it on the market,” Krohn said.
Despite the string of recent sales, Krohn said his interest in New Britain has not waned. He plans to lease back his office space in the former post office building.
Krohn noted he has bought and sold various buildings in New Britain over the past 19 years, adding value and then recycling capital into new projects.
He said he recently went under contract to acquire another property in the city and is continuing work on “The Strand,” a planned 100-unit apartment development on the former Strand Theater site.
Construction has been delayed by winter weather, with completion now expected in early summer 2027, he said.
Krohn said Jasko is still pursuing large-scale development projects that rely on public support, such as tax incentives, which many developers say are necessary to make projects financially viable in markets like New Britain and Hartford. At the same time, the firm is looking to expand its focus on value-add renovations of existing properties, which typically offer faster turnarounds and returns.
“This is a moment in our company where I feel it is imperative to look at long-term cash flow,” Krohn said.
The Institutional Property Advisors team that brokered the deal included Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel.
