Twin, eight-unit apartment buildings in a struggling part of Waterbury sold for $1.6 million in a deal recorded by the city on May 2.
East Liberty 40-44 LLC sold apartment buildings at 40 and 44 East Liberty St., along with two associated vacant lots, to 40-44 Liberty St. LLC.
Each of the 10,920-square-foot apartment buildings are four stories, about 118 years old and host eight apartments. The $1.6 million deal also included two vacant lots of a little more than a tenth of an acre each.
The properties sit in a corner of Waterbury’s South End that has among the highest unemployment and poverty rates in the state, along with blight issues and several nearby brownfields. It is also an area that has seen much public investment in the past few years.
Waterbury recently rebuilt a bridge over the Mad River just down the street. It has also spent millions — largely from state grant funds — to begin cleanup of nearby brownfields and erect a nonprofit agricultural center nearby. The city is also working to build a little league ballfield on what had been the foundation of a burned down factory off East Liberty Street.
James Axelrod, of Alexandria, Virginia, is principal of the seller.
The buying LLC is headed by Allen Ritter, of Fort Lee, New Jersey, according to state business records.
The sale was brokered by Brittney Gondek, director of investment sales for the Gondek Group of Berkshire Hathaway New England Properties.Â
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