When two companies come together for a $35 million real estate deal, there has to be a really good reason.
For the Robert Martin Company and Paredim Partners that really good reason was Connecticut and the belief that the middle of the state is fertile soil for investment.
The two companies announced last week that they partnered on a deal to acquire The Glenbrook, a 400-unit apartment complex in Rocky Hill. The complex comprises of 40 three-story buildings on more than 40 acres with an offering of one-, two- and three-bedroom apartments.
But it wasn’t the picturesque landscape or condition of the buildings that attracted the two companies to Rocky Hill. In fact, there are already plans for a massive renovation to the entire complex, including a new clubhouse and fitness center.
What brought the two New York-based companies to the Nutmeg State was opportunity.
“Both the Robert Morgan Company and Paredim were both really attracted the Connecticut market, specifically between Hartford and New Haven,” said Jennifer Robertson, the Martin Company’s director of acquisitions.
In particular, Robertson pointed out that Rocky Hill is an ideal suburban location for people working in either New Haven or Hartford. The two companies also took a long look at the type of people currently living at the Glenbrook and found a welcoming diversity in professions.
“We were looking at the diversity, in Hartford specifically, and we found that it’s not just insurance anymore,” said Robertson. “If you look at the folks there now, you have nurses, doctors, attorneys as well as a lot of people on the tech side. It’s that strong diversification that makes it so appealing.”
Both companies have made real estate deals in Connecticut before, though Paredim has been more active with approximately 500 rental units in the state while it has been a while since the Robert Martin Co. has ventured here.
The announcement of the deal comes as the residential housing market is facing a crunch, due in no small part to a mortgage crisis, and there has been evidence that larger deals had been facing some troubling with financing.
