A pair of Waterbury federally subsidized apartment complexes with 346 units between them has sold for $19.2 million, authorities say.
New York multifamily investor Paredim Partners purchased the 182-unit Northwood Apartments, 99 North Ridge Drive, and 164-unit Villagewood Apartments, 575 Scott Road, from New Haven multifamily landlord Pike International, brokers say.
According to Paredim’s homepage, it also owns Rivers Edge Apartments in Waterbury and owns complexes in Bloomfield, New Haven, Woodbury and West Haven.
Pike’s other housing complexes are near Yale University in New Haven, as well as Hartford, New Britain and Hamden.
Built in 1968, Northwood’s 16 two-story garden-style buildings contain 117 two-bedroom apartments and 64 three-bedroom units. Of those, 161 are covered under federal Section 8 contracts to house qualified residents. Â
Villagewood, opened in 1975, has 41 buildings that house 132 two-bedroom and 32 three-bedroom units. Villagewood has 132 units designated for Section 8 households.
Both properties underwent extensive rehabilitation to satisfy federal Housing and Urban Development requirements for the sale, according to New Haven commercial broker Marcus & Millichamp, which handled the sale.
