The Regency Apartments, New Britain
Steve Witten and Victor Nolletti of Marcus & Millichap Investment Real Estate Services of New Haven were the sole brokers in the recent sale of the The Regency Apartments, a premier active-adult rental community for those 55 and older located at 55 and 85 Spring St. in New Britain, for nearly $7.4 million.
The Regency Apartments consists of 151 studio, one- and two-bedroom apartments in two 6-story mid-rise masonry buildings situated on 5.43 acres. Apartments feature wall-to-wall carpeting, some private balconies, fully applianced kitchens, remodeled bathrooms, mini-blinds and intercom/remote entry systems. There is abundant off-street parking, 24-hour maintenance and laundry facilities on each floor.
Property amenities include a community room with a large-screen TV, business center, recreation room/dance hall with full kitchen, computer training center and new elevators. Heat is provided by a central dual-fired hot-water boiler (one per building); heat is distributed via baseboard radiation and hot water is provided by a gas-fired hot-water heater.
The unit mix at The Regency Apartments is composed of 30 studio units totaling between 375 square feet and 450 square feet; 97 one-bedroom, one-bath units of between 550 square feet and 600 square feet; and 24 two-bedroom, one-bath units totaling 800 square feet. The seller was 55 Spring Street LLC, which was represented in the transaction by attorney Bruce Temkin of Hartford.
The buyer was Bralite Holdings, which was represented by Michael Pease of Pease & Dorio in Farmington. Financing was provided by the New Haven office of NewAlliance Bank.
The New Britain market is currently experiencing a dramatic rise in rents as tenants are looking at New Britain as offering “rent relief” over some of the higher-priced rents in the surrounding communities.
Witten and Nolletti also announced that they recently closed 120 units in East Haven for $10.2 million, 510 units in Manchester for $39 million, 179 units in Newport, R.I., for $29.65 million and 740 units in Lancaster, Calif., for $67.15 million.
H. Pearce Leases Space
David P. Melillo, commercial associate of North Haven-based H. Pearce Commercial Real Estate, represented H. Pearce Company Realtors in the leasing of 2,400 square feet at the Firelite Shopping Center. Cohen and Co. represented the owners, Orange Firelite Properties.
The property, located at 3 Old Tavern Road in Orange, will be home to the Orange regional office of H. Pearce Company Realtors.
Mitchell Goldblatt, former first selectman of the town of Orange, has been hired as manager of the regional office, which will serve the Orange, Woodbridge, Bethany, and Milford areas.
Looking forward to the opening of office this month, Goldblatt said, “This location at the five-corner intersection of Old Tavern Road, Racebrook Road and the Boston Post Road is well known by everyone in the area. We are looking forward to being an anchor location for the Firelite Shopping Center and leading the way for the local real estate market.”
Masonicare Inks Deal
Arthur J. Randolph, vice president of The Geenty Group, Realtors, in Branford, represented the tenant in the lease of 3,000 square feet of space at 65 South Turnpike Road in Wallingford, a 33,000-square-foot multi-tenant light industrial facility. The tenant was Masonic Healthcare Center.
Wallingford-based Masonicare is Connecticut’s largest not-for-profit provider of senior health care services and retirement living, offering a full continuum of care that includes everything from coordinated inpatient and outpatient services to home care and retirement living.
The landlord, 65 South Turnpike Road LLC, was represented by William N. Clark, senior vice president at The Geenty Group.
