A partnership of real estate investment firms has paid $76.1 million for the Rivers Bend Condos complex in Windsor, marking one of the largest suburban Hartford multifamily deals in recent years.
A partnership of real estate investment firms has paid $76.1 million for the Rivers Bend Condos complex in Windsor, marking one of the largest suburban Hartford multifamily deals in recent years.
According to a deed recorded Tuesday, four limited liability companies tied to Airmont, New York–based multifamily investor Yshia David Willner sold the 432‑unit Rivers Bend Condos complex, located on approximately 81 acres at 1 Phaeton St., to 15 newly formed limited liability companies with ties to Baltimore‑based real estate investment and development firm JSB Capital Group and Bethesda, Maryland-based multifamily investment and management firm Charger Ventures.
JSB Capital Group has invested more than $3 billion in equity across multiple asset classes, including the acquisition or development of more than 50,000 apartment units nationwide, according to its website. Charger Ventures, founded in 2018, focuses on acquiring and managing existing multifamily communities throughout the mid‑Atlantic and Northeast.
Jessie Barter, founder and managing director of Charger Ventures, signed a $64.85 million mortgage loan on behalf of the 15 LLCs involved in the Windsor acquisition. The loan was provided by Manhattan‑based Ladder Capital Finance LLC.
Constructed in 1973, the gated Rivers Bend complex consists of 33 one‑story and two‑story buildings containing 324 two‑bedroom townhome rental units and 108 one‑bedroom garden‑style apartments. Amenities include a community center, fitness center, coworking space, walking trails, access to the Farmington River, a riverside picnic area and a resort‑style outdoor swimming pool.
“I just think it’s an amazing community that offers a lot of potential,” Barter told the Hartford Business Journal.
The property has been rebranded “Spark Windsor,” joining Charger Ventures’ “Spark” network of apartment communities. Barter said the firm has launched a “robust” capital improvement program that will include replacing all sliding doors and windows, installing washer-dryer units in 402 apartments and addressing deferred maintenance.
Plans also call for upgrades to the clubhouse.
“We are just very, very excited to be in the Windsor community, and we look forward to providing high-quality housing and revitalizing this amazing community,” Barter said.
Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
“I think it’s a terrific asset in the solid suburban Hartford market,” Nolletti said. “It just further supports that Connecticut is a well-perceived state for multifamily. It’s a state that draws significant multifamily investment.”
Institutional Property Advisors marketed the property to a select pool of potential buyers. Nolletti said it went under contract in less than a month and closed within 120 days.
In early 2019, 384 units of the Windsor complex sold for $47.2 million. The LLCs that sold this month subsequently acquired the remaining 48 units over the following six years, resulting in full ownership before this latest sale.
