A housing developer and investor is under contract to acquire 346 units across two aging affordable housing complexes in Waterbury.
Larchmont, New York-based L+M Development Partners plans to purchase the 182-unit Northwood Apartments at 140 Northridge Drive and the 164-unit Villagewood Apartments at 10 Villagewood Drive, according to an Aug. 27 letter to the city’s Plan Commission.
Attorney Jason Klein of Carmody Torrance Sandak & Hennessey, who represents L+M, also outlined plans to build a roughly 3,000-square-foot community center at each property.
Each center would include a fitness room, community room and property management offices, providing space for resident meetings, communications and gatherings, Klein wrote.
Located in Waterbury’s North End, the Northwood Apartments include 182 units in 16 buildings that were completed on 24.6 acres in the late 1960s. The Villagewood Apartments are located on a nearly 14-acre property in Waterbury’s East End. The development’s 164 units are spread across 41 buildings dating to 1975, according to assessor records.
The two complexes last sold in June 2022. According to land records, limited liability companies controlled by Lakewood, New Jersey investors Shloime Rosenberg and Shlomo Katz paid $18.42 million for the Northwood Apartments and $14.5 million for the Villagewood Apartments.
Founded in 1984, L+M develops affordable, market-rate and mixed-income projects. According to its website, the company has managed about $24 billion in development and investment activity and has overseen construction and renovation of more than 63,000 apartments nationwide, with more than 24,000 units currently under management.
Last year, L+M paid $41.25 million for “Laurel Estates,” a 276-unit, 68-building complex on 39 acres at 173 Bucks Hill Road in Waterbury. The company received a 20-year tax deal from the city after pledging to spend $17 million rehabbing the aging complex.
