Massachusetts-based Taymil Partners recently paid $15.2 million for a three-property multifamily portfolio along Interstate 84 in Connecticut, including Britannia Commons at 234 Sherman Ave. in Meriden.
A 2-year-old Massachusetts-based real estate firm seeking to expand its portfolio has bought three widespread multifamily properties along Interstate 84 in Connecticut for $15.2 million.
Brokers Steven Witten and Victor Nolletti of New Haven-based Marcus & Millichap announced the sale of the three-property multifamily portfolio on Tuesday. The buyer, Taymil Partners, purchased properties in Bristol, Meriden and Manchester, according to a statement from Marcus & Millichap.
Steven Astrove, a former lawyer who also worked briefly as a vice president at Northland Investment Corp., the company developing the $160 million mixed-use project Hartford 21, started Taymil Partners in 2002. He noted that he was attracted to the Greater Hartford market, rather than his native Boston area, because of the high yields available there.
“I thought in the Hartford area it made much more sense acquiring at 50 percent [of] replacement cost,” Astrove said.
Although the Greater Hartford area has some similar characteristics to the Boston area – such as the high cost of housing and high barrier-to-entry communities – there are still quality apartments available around Hartford for well below replacement cost, Astrove said.
“We focused on building a portfolio of solid properties in Connecticut in the Greater Hartford area,” he said.
Astrove still shares a good relationship with Northland, his former employer. The company acts as property manager for Taymil’s properties and Astrove has office space in their building. Astrove worked at Northland until July of this year before leaving to work for Taymil full-time.
A Nice Fit
The new purchase marks the farthest south Taymil has gone to acquire properties, Astrove said. The company had buildings in communities such as Manchester and Ellington, but the new property in Meriden marks the southernmost point of Taymil’s portfolio.
Astrove learned of the three-property portfolio after purchasing an 80-unit building in Ellington from a West Coast firm in May. Because the sale went so smoothly, that same firm later approached him with the Manchester, Meriden and Bristol portfolio that Taymil just purchased, Astrove said.
“The property very much fit with the properties we are seeking to acquire,” he said.
Taymil Partners now has 531 units in Greater Hartford.
“Taymil seeks quality properties which can be purchased at a discount to replacement cost in highly competitive and development constrained markets,” Astrove said in a prepared statement. “We are extremely pleased to grow Taymil’s multifamily presence in Connecticut with the acquisition of these three excellent properties.”
The largest of the three properties, Huntington Commons, is a 106-unit complex on 9.6 acres at 122 Sycamore and 340 Charter Oak in Manchester. The complex is made up of nine 2-story brick-and-masonry buildings in a low-density country setting. There is parking for 180 cars and the complex is close to Interstate 84.
Huntington Commons is made up of 42 one-bedroom apartments, 39 two-bedroom flat style and 24 townhouse style apartments. The average unit size is 990 square feet.
The second property is an 88-unit building in Meriden called Britannia Commons. The building is a 5-story converted brick school on two acres at 234 Sherman Ave. The property was renovated in the mid-1970s. It is made up of 34 one-bedroom apartments and 54 two-bedroom apartments.
The third property, Parkview Apartments, is a 48-unit building located on about 1.5 acres at 502 South St. in Bristol. The 4-story building was built in 1965 and is made up of four efficiencies, 28 one-bedrooms and 16 two-bedrooms.
