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Fund Snags 404-Unit Seniors Housing Portfolio
The NHP Foundation-Urban Atlantic Fund I LLC acquired four seniors apartment complexes in Connecticut from Beacon Communities LLC. The 404-unit portfolio, located in the Hartford, CT area, consists entirely of Project-Based Section 8 Housing Assistance Payment contracts.
The property originally belonged to the Errichetti family.
The portfolio consists of:
- 150-unit Exchange Place Tower Apartments, 44 Center St., Waterbury, which sold for $12.5 million
- 109-unit Countryside Apartments I & II, 12 Wolf Hill Rd., Wolcott, which sold for $10.75 million
- 145-unit Flanders West Apartments, 1 Darling St., Southington, which sold for $18 million
The $50 million equity fund was launched in 2012 by PNC Bank, Urban Atlantic and the NHP Foundation, with a goal of acquiring and preserving affordable housing that represents sound investments. Including the current buy, the fund owns 10 properties consisting of 1,200 units.
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