Since the Alterra-Rocky Hill Apartments opened, its New Jersey developer/landlord has embraced Connecticut to the point it has broken ground for its third development in the Hartford region.
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In the 27 months since the Alterra-Rocky Hill Apartments opened, its New Jersey developer/landlord has embraced Connecticut to the point that it has broken ground for its third development in the Hartford region and fourth in the state.
Continental Properties, of Chatham, N.J., closed recently on its $4.7 million purchase of seven acres just off Route 2/Exit 8, at the corner of Hebron Avenue and House Street, on which it will erect a 145-unit apartment community. CBRE-New England brokered the land deal.
Meanwhile, Continental is underway with construction, for debut this fall, of its second Rocky Hill community, the 144-unit Montage-Rocky Hill on 12 acres on Sagamore Lane. In Shelton, it's erecting The Mark, a 228-unit apartment development; and near Evergreen Walk in South Windsor, a 200-unit community is going up.
“We're very bullish on the market there,'' Fredric Petak, Continental vice president and regional manager, said of Connecticut's multifamily sector. “Alterra is very successful. We're all in in Connecticut. So far, Connecticut has been very good to us.''
Like Alterra, located at 11 Kensington Lane, Continental's newest one- and two-bedroom communities will incorporate many design and convenience details often found in single-family houses, Petak said, including faux wood flooring, stone countertops and high ceilings.
But the main feature common to all Continental communities is the community room space residents share. The newest apartment complexes will have 6,500-square-foot community rooms — double the size of the one at Alterra, Petak said. The Wi-Fi-outfitted larger facilities also will have wine and theater rooms.
Amenities like those, he said, are the reason Alterra's living units are filled since opening in November 2013.
“No. 1, we think there's a base of renters who want what we produce,'' Petak said. “We provide for these people a certain level [of space] they can call 'home'. In today's market, a lot of people want to have amenities at their fingertips.''
Middletown apts. sold
A pair of Middletown apartment communities with a combined 650 units sold recently for $92.5 million, or $142,000 per unit, brokers say.
Gateway Realty Holdings Ltd. bought 314-unit Madison Chestnut Hill and 336-unit Madison Northwoods from Chestnut Hill and Northwoods Apartment Associates LLC. Both complexes opened in 1986.
The Institutional Property Advisors division of commercial broker Marcus & Millichap represented the seller and brought the buyer to the table.
Both properties have community amenities, officials said, that include a clubhouse, billiards room, library, tennis court, indoor racquetball court, indoor Jacuzzi, large swimming pool, fitness center and walking trail.
S. Windsor listing
A 4,000-square-foot, free-standing South Windsor industrial building is available for lease at $5.75 per square foot, brokers say.
The 27-year-old structure on 1.5 acres is at 201 South Satellite Road. It includes 1,000 square feet of office space and five, truck-height doors.
Sentry Commercial is listing broker.
KAMCO's Wallingford renewal
Commercial building-products vendor KAMCO Supply Corp. of New England has renewed its 9,279-square-foot office lease in Wallingford.
WE 2 Barnes LLC owns the 41,000-square-foot, multi-tenant flex facility on eight acres at 2 Barnes Industrial Road South.
Sentry Commercial was sole broker.
Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com.
Gregory Seay is the Hartford Business Journal's News Editor.
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