A Massachusetts real estate investor recently paid $17.4 million for a collection of 136 apartments across multiple addresses in New London. Worcester-based Baystate Investment Fund acquired the properties from a series of business entities affiliated with Manhattan-based investor Sun Equity Partners. The transfers were completed through three separate deeds recorded by the city on Oct. […]
A Massachusetts real estate investor recently paid $17.4 million for a collection of 136 apartments across multiple addresses in New London.
Worcester-based Baystate Investment Fund acquired the properties from a series of business entities affiliated with Manhattan-based investor Sun Equity Partners. The transfers were completed through three separate deeds recorded by the city on Oct. 6, with Zev Schick, a partner with Sun Equity, signing on behalf of the various sellers.
Baystate secured a $14.3 million mortgage with Norwich-based Dime Bank, secured with the properties acquired from Sun Equity, in a transaction also recorded in the city’s land records on Oct. 6.
The portfolio includes:
- Courtview Square Apartments — a 96-unit complex on 2.3 acres at 309 Crystal Ave., which sold for $12.27 million. The property features four two-story brick buildings, all dating to 1971, ranging in size from 7,872 to 24,438 square feet.
- Harbortree Apartments — comprising 28 units across four four-family buildings completed in 1964 and a 12-unit building from 1968, located on adjacent Oneco Avenue lots ranging from 0.15 to 0.3 acres. These sold together for $3.77 million.
- A 12-unit, 53-year-old apartment building on one-third of an acre at 14 Bristol St. sold for $1.35 million.
Northeast Private Client Group (NPCG) represented the seller and procured the buyer.
The properties were part of a New London portfolio that was for sale together or individually. The properties attracted strong interest and were on the market for less than a month when the buyer committed to most of the portfolio, said Bradley Balletto, NPCG’s managing director.
Another New London apartment property owned by Sun Equity is under contract with a different buyer, Balletto added.
The sale reflects growing interest in urban centers along Connecticut's eastern shoreline, Balletto said.
“Groton, Norwich and New London, I think, is a real bright spot in the Connecticut landscape,” he said.
