Photo courtesy of HH Group

Silver Spring, Maryland-based investor HH Group announced it’s bought a 10-year-old downtown New Haven building from its second owner.

An affiliate of HH Group paid $57.5 million for 200 College St., also known as College & Crown. The seller was an affiliate of Singapore-based investment firm Centurion Corporation, which bought the asset in 2017 for $70 million.

The New Haven Independent was the first to report the transaction.

New Haven-area developer Bob Landino built 200 College St., delivering the student-focused, mixed retail-residential property in 2015. The building has roughly 20,000 square feet of ground-floor retail space. Current tenants include Jack’s Bar & Steakhouse, BonChon, Taichi, T-Swirl Crepe, Oh K-Dog and Webster Bank. Amenities include a fitness center, two rooftop courtyards, a resident clubhouse and 140 “climate-controlled” parking spaces, HH Group said.

“This acquisition underscores our continued conviction in resilient, education-anchored markets where top-tier universities drive long-term housing demand,” HH Gropu COO Tony Shen said in a statement. “College and Crown represents exactly the type of asset where our integrated platform can unlock both operational efficiencies and resident value.”

The company said in an announcement it plans to modernize the building’s common areas and rebrand it as The Haven. It also plans to transition property management in-house to its HH Red Stone arm.

City land records show HH Group used a $37.37 million loan from Walker & Dunlop to buy the property, but the company said the balance of the equity came from HH Fund, its “equity investment and co-development division.”

HH Group says it invests in “high-barrier-to-entry university markets characterized by stable enrollment, limited supply, and strong rent fundamentals” and has around 10,000 beds under management nationwide.