A group of five apartment complexes serving University of Connecticut students in Storrs has been put on the market with a $39 million asking price.
The portfolio totals 283 units across roughly 149 acres in Storrs-Mansfield, according to marketing materials published by Hartford-based Chozick Realty Inc., which is handling the sale.
The properties are owned by Waterbury real estate firm Axela Group, which has been one of the largest landlords of off-campus housing at UConn.
The recently listed properties include:
Maplewood Apartments, 1 Carleton Road — 40 units, 33,000 square feet, built in 1964.
Clubhouse Apartments, 13-33 Club House Circle — 44 units, 33,700 square feet, built in 1965.
Knollwood Apartments, 101 S. Eagleville Road — 109 units, 168,800 square feet, built in 1966.
Oakwood Apartments, 114 S. Eagleville Road — 10 units, 5,500 square feet, built in 1964.
Millbrook Apartments, 170 Spring Hill Road — 80 units, 10,300 square feet, built in 1975.
The Clubhouse Apartments at 13-33 Club House Circle, in Storrs-Mansfied, is for sale. Photo | CoStar
Combined, the buildings account for more than 240,000 square feet of housing stock, most of it within walking distance of UConn’s Storrs campus or along university shuttle routes, according to Chozick Realty.
The apartments hit the market as UConn continues to deal with a housing crunch. The school enrolls about 27,000 students but has dormitory space for fewer than half, leaving thousands to seek private rentals nearby, according to the property broker. That imbalance has fueled strong occupancy rates at the off-campus complexes, which Chozick said have held close to full capacity in recent years.
“High construction costs, higher rents for new construction and other barriers to new construction is a rising tide for consistent annual rent increases,” the marketing materials said.
There is a new multifamily housing development planned in Storrs that is expected to add 1,350 beds to the market.
Axela’s off-campus portfolio includes a mix of traditional apartments and newer “Quad” units, where four students rent individual bedrooms with shared kitchens and common areas. More than 140 units have been renovated in recent years.
Broker Thomas Boyle, of Chozick Realty, is handling the listing.
