The 24-unit “Sedgwick” apartment building in West Hartford sold for $6 million last month.
Bob Couture, managing partner with Ironsides Property Group, said he had been on the hunt for an investment in West Hartford, due to the town’s strong rental market and lifestyle offerings, including Blue Back Square.
“It was very exciting when this first came about,” Couture said. “The prior owner-operator did a remarkable job with the property. He did a lot of thoughtful and great remodeling.”
Couture and Joseph Hohm, both of Springfield, are the principals of Ironsides Sedgwick, a project-based limited liability company formed in January. They bought the 28,314-square-foot, brick-sided apartment building at 115 South Main St. from I&G Investors LLC. in a deal logged by the town on Feb. 2.
The building, which sits on nearly eight-tenths of an acre, was originally finished in 1962.
Couture said I&G had already upgraded about half the apartments with top-quality finishes, remodeling individual units as tenants moved out. He plans to continue, using I&G’s work as the standard. He anticipates it will take about two years and upwards of $300,000 to complete renovating the units.
“He was going from nice, well-maintained units to super-premium finishes,” Couture said. “He was finding it was attracting more and more people there.”
Couture said he is contemplating an addition to the rear of the building, allowing for four additional units. That addition would occupy space currently used for an outdoor lounging area. Couture said he would hope to open a rooftop lounge as replacement.
About 65% of the West Hartford venture’s costs are being financed through insurer Aetna, Couture said. The rest is coming from a small group of investors, he said.
The Sedgwick’s units are all two-bedroom and rent for around 2,300, Couture said.
