GreyHill Group, a commercial real estate investment company based in New York, has acquired Union Place Apartments, a 69-unit, Class-B apartment building in Hartford, Connecticut for $5.9 million. The property is located at 64-82 Union Place.
“We’re excited about the opportunity to expand our portfolio further in Connecticut, and we’re excited to be adding this particular property to our asset base,” said Mo Bloorian, GreyHill Group’s managing partner.
“Union Place Apartments holds tremendous promise primarily because of all the opportunities it brings,” he said. “Our plan is to create a better living space for our tenants by putting money into the building. We’ll be renovating common areas that haven’t been renovated in years.
“There’s major upside in the building, and we anticipate to change the way it is viewed by the community. The downtown area offers a young and energetic working tenant base, and we expect to appeal to them by giving them a superior product.”
Built in 1910, Union Place Apartments was formerly an old mill in the city’s historic district.
The apartment building features spacious loft apartments that appeal to contemporary tastes. Each apartment has a unique layout, with exposed wood beam ceilings, brick walls, central air conditioning, gas heat at no extra charge, and modern, fully equipped kitchens.
Both buyer and seller were represented by Victor Nolletti of Institutional Property Advisor and Westly Klockner of Marcus and Millchap.
