Boston realty investor-manager WinnDevelopment just paid $8.7 million for a 108-unit, affordable apartment complex in Waterbury, and is eyeing several potential multifamily housing plays in the Hartford area, an officer says.
Altogether, WinnDevelopment and its Boston joint-venture partner is using $20.4 million in equity, conventional and state-issued loans, and tax credits to finance the complex’s purchase and capital improvements for Watertown Crossing, according to WinnDevelopment Vice President Adam J. Stein.
Parent WinnCompanies Inc.’s portfolio of more than 95,000 units managed in 23 states includes overseeing 30 multifamily developments in Connecticut, among them Stamford’s 50-unit Metro Green Apartments, and Bristol’s Huntington Woods, a 280-unit complex that recently underwent major renovation.
But WinnCompanies isn’t stopping with those, Stein said.
“We’re looking at a couple of mill-housing developments near downtown Hartford,” Stein said, declining to identify them.
The firm also is prospecting more Waterbury apartment purchases, including some near that city’s downtown, Stein said. He was mum as to specifics about those, too.
However, Stein spoke freely about the purchase by WinnDevelopment, the development arm of WinnCompanies, of Watertown Crossing apartments, located near Route 8 and I-84. Its WinnResidential property-management affiliate has managed the 19-year-old, fully occupied complex since 2001, for previous owners, including seller Tinman Realty of Boston.
Renovations have begun to the 18 townhome buildings with one- to four-bedroom units that include new kitchens, baths, siding, windows, doors, roofing, and heating-ventilation-air conditioning system upgrades, Stein said. Also being built is a 2,500-square-foot community clubhouse with a kitchen, laundry, fitness center and management office.
Completion is set for summer 2015. Renovation/construction pricetags weren’t disclosed.
Combined with equity from joint-venture partner Boston Financial Investment Management, WinnDevelopment borrowed $4.4 million from the Connecticut Department of Housing, which combined with 4 percent housing tax credits from the Connecticut Housing Finance Authority to buy the complex and fund improvements, Stein said.
The Architectural Team, of Chelsea, Mass., is the architect. Keith Construction, of Canton, Mass., is the general contractor.
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N. Britain gas station
A twin-island gas station on New Britain’s Corbin Avenue has sold for $270,000, brokers say.
The station, mostly flying the BP brand flag, is at 1500 Corbin Ave. and previously had been available to lease.
J&S Enterprise bought it from R&S Realty, according to commercial-industrial broker Colliers International.
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Recyc’s new space
Recyc-Mattresses Corp. has moved its recycling operations into 30,000 square feet of industrial space at 12 Eastern Park Road in East Hartford.
Recyc has 11 North American facilities.
Colliers International represented Recyc and landlord Paul Gould.
Colliers was the broker in some other recent area industrial leases.
In Hartford, ELG Utica Alloys Inc. signed for 22,000 square feet at 231 Weston St. from landlord 231 Weston Street LLC; DLZ Architectural Millwork LLC leased 16,000 square feet at 510 Ledyard St. from landlord Andrew Jarosz; and Durbin Machine Co. leased 2,648 square feet at 101 Airline Ave. from owner Louis Messina Irrevocable Trust.
In Middletown, Astrum Solar leased 10,038 square feet at 54 Tuttle Place Business Park from landlord Del Favero Family LP.
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Greg Seay is the Hartford Business Journal News Editor.
