Economies of Scale
The portfolio is comprised of three apartment communities containing at least 50 units at each location: Gilbert Clock Apartments in Winsted, Brookgate Apartments in Torrington, and Winthrop Apartments, also in Torrington. Maximum drive-time between assets is ten minutes, allowing properties to share floating staffing and maintenance.
Cash Flow Opportunity with Immediate Upside
All properties are fully stabilized and professionally managed, boasting 95%+ occupancy at each location with limited delinquencies and collections loss. After undergoing targeted tenant turnover early in ownership, the properties are now primed for rent increases. Brookgate & Winthrop, in particular, offer value add opportunities through cosmetic renovations to unit interiors and common areas.
Well Positioned within Rental Market
Gilbert Clock is an attractive mill conversion offering loft style units with unique layouts and large windows. An on-site leasing office, laundry rooms in each building, and central air add to the draw of this asset and make for a waiting list for new tenants. Winthrop is a classic brick garden style community with manicured grounds in a quiet suburban location. Available carports and the inclusion of heat and hot water in the rents are among tenant perks. Brookgate is also a garden style complex with convenient access to Route
8, making for an ideal choice for commuters.
Torrington & Winsted, Litchfield County, CT