A 160-unit apartment complex in the heart of downtown New Haven has been sold to an out-of-state investor that plans to rebrand the property and expand its marketing beyond Yale University.
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A 160-unit apartment complex in the heart of downtown New Haven has been sold to an out-of-state investor that plans to rebrand the property and expand its marketing beyond Yale University.
HH Yale Property LLC, based in Silver Spring, Maryland, acquired College and Crown, a residential and retail development built in 2015 and located at 200 College St.
The sale price was $57.5 million, according to the conveyance tax form, recorded by the city on Oct. 24.
The buyer took out a $37.37 million open-end multifamily mortgage to help finance the deal.
The 207-bed complex at the intersection of College and Crown streets, near Yale University, was previously owned by Dwell Students (New Haven) LLC, a subsidiary of Singapore-based Centurion Corp. Limited.
Dwell Students paid $70 million for the property in 2017, according to city records.
HH Yale is a subsidiary of HH Group, a private equity real estate firm that specializes in student housing and multifamily properties. Founded in 2015, it owns 24 properties nationally and has more than $800 million under management.
The company said the acquisition marks an expansion into a "high-barrier-to-entry" university market with stable enrollment and limited new supply.
The five-story building features studio, one-bedroom, two-bedroom and loft-style apartments with amenities including a fitness center, two rooftop courtyards, concierge services and 140 parking spaces. Monthly rents were not disclosed.
The property also includes roughly 20,000 square feet of ground-floor retail space occupied by restaurants including Jack's Bar & Steakhouse, BonChon and Taichi, along with Webster Bank.
HH Group plans to rebrand the property as The Haven and bring management in-house through its property management division, HH Red Stone. The company said it will renovate common areas and implement what it calls "operational optimization" to increase occupancy and revenue.
New Haven has seen increased apartment development in recent years as developers target students and young professionals.