A New York-based real estate investment company has acquired a pair of Hartford apartment communities on West Boulevard and New Britain Avenue for $16.3 million, brokers say.
25th Century on Thursday completed its purchase of the apartments at 873 West Boulevard and 748 New Britain Ave. from owners Forum Capital Partners and Cantor Real Estate, according to realty broker-advisor CBRE, which arranged the deal.
CBRE said that 25th Century plans to make major upgrades at the two housing facilities, which comprise 165 and 52 units, respectively.
“We anticipate the buyer will do well with the communities as they offer existing stable operations as well as the opportunity to enhance the current apartments, which are well-positioned in this current economy,” Gene Pride, CBRE’s senior vice president, said in a statement.
Built in the mid-1950s and early 1970s, the properties, billed as the Hartford Workforce Housing Portfolio, include on-site parking and laundry rooms. The West Boulevard apartment complex also features storage and fitness center space, CBRE said.
Property listings show the New Britain Avenue housing development has 52, two-bedroom units averaging about 1,000 square feet. The West Boulevard site has a mix of studio, one- and two-bedroom apartments ranging from 650 square feet to 900 square feet.
