A New York-based multifamily operator and investor has acquired a 180-unit Meriden property for $34.8 million, the deal broker announced.
CBRE said Thursday that Beachwold Residential has purchased Alvista Willow Brook from Phoenix Realty Group, which according to land records acquired the 211 Pomeroy Ave. community in 2014 for $27.5 million.
The property was built in 2005 and features a resident lounge, fitness center, outdoor pool and covered private garage parking. During its ownership, Phoenix upgraded 30% of the units, according to CBRE, whose brokers represented Phoenix and procured the buyer.
“We are pleased to have represented PRG in this sale, as they have done a fantastic job upgrading the property and maintaining very strong operations during the pandemic,” said Jeff Dunne, a CBRE vice chairman. “Alvista Willow Brook is emblematic of the demand from both renters and investors that suburban communities are seeing right now.”
The property adds to Beachwold’s already sizable portfolio in Greater Hartford, where it owns multifamily developments in East Hartford, Rocky Hill, Simsbury, Manchester and Middletown, and more than a dozen more in New Haven County and other parts of the state.
In all, Beachwold says it has 57 apartment properties across eight states, with a significant portion of them in Florida and Texas.
