New Haven, CT
Terrace Heights is a 41-unit apartment complex in New Haven, CT. The property represents a prime value-add opportunity with existing rents 23% below market. Furthermore, the current owner has renovated 15 units and has achieved rent bumps of over 20% after renovation. By continuing the renovation program while bringing existing rents to market, a new owner can potentially increase the existing rent roll by over $100,000 in the near term. There is additional opportunity to increase revenue by assigning and monetizing the surface parking available at the property.
Terrace Heights features a diverse unit mix with one-bedroom loft, one-bedroom, and two-bedroom floor plans. All units are direct entry and provide tenants with a condo complex feel. The property features an on-site laundry room, ample parking, and three garages available for rent. In addition to the unit renovations, current ownership has installed new vinyl siding on two of the eight buildings and new windows are in the process of being installed throughout the property. The property features park-like landscaping, decks, and ample surface parking.
Terrace Heights’ location provides tenants incredible access to a variety of locational amenities. Situated equidistant from the New Haven Green and East Haven Town Center, tenants can access the cultural, dining, shopping, and entertainment amenities of Downtown New Haven as easily as they can access grocery stores, pharmacies, and everyday conveniences in East Haven Center. The property is ideally located just off of I-95 and within minutes of the interchange with I-91.