Hartford-based real estate investment and development firms Lexington Partners LLC and LAZ Investments LLC said they have purchased a six-property apartment portfolio in West Hartford for $22.9 million.
The 121-unit deal involved three separate sellers for properties at 771, 773, 839 and 843 Farmington Ave., and 415 and 577 Prospect Ave., the buyers said.
Lexington Partners said it plans to invest $4 million in the properties to address deferred maintenance and complete interior renovations to position the apartments as a value alternative to its other major project in town, One Park, which is redeveloping the former Sisters of St. Joseph convent and adding a new four-story building to create 292 new apartments.
One Park, which is located on Park Road, is currently under construction.
“We are taking our expertise in managing Class A properties we develop and expanding that to existing well-located properties that are in our immediate management footprint,” said Marty Kenny, Lexington’s founder and CEO.
With this acquisition Lexington now owns and manages over 3,650 apartments along the East Coast. It currently owns or has developed over 1,000 units within Hartford alone.
