1. Waterbury Multi-Family Scattered Sites

Be have been accumulating individual properties, the largest of which is 14 units down to 2 units. The units themselves are unusually large, with high ceilings, outdoor space, backyards and often parking. We have concentrated our acquisitions in one urban submarket (1 mile radius of downtown Waterbury) and have steadily gained economies of scale regarding all facets of the construction, management and leasing.

The result is an all in cost (soft and hard) of approximately $45/SF and a strong double digit cash on cash return. When one considers that Connecticut is one of the wealthiest states in the Union and we can own these desirable living spaces at this price point combined with strong cash flow, any risks are exceedingly low.

Please download document for further details. Waterbury Executive Summary (.pdf)

Atlantic St. Bridgeport, CT – Under Contract

The Seaside residential condominiums (the "Property") consists of 60 apartments. There are two entrances and each entrance has a separate address 760 Atlantic Street and 223 Iranistan Avenue.

The package of 48 condominiums have a good unit mix of 18 Studios, 23 one bedrooms and 7 two bedroom units. Some of the units have terraces over looking Seaside Park and Long Island Sound. The property is currently operating well below market expectations when compared to the surrounding area and market rental rates.

We believe the down side is limited due to the advantageous cost of acquisition, current physical condition, stable sub-market and our low leverage approach to financing. The upside includes multiple disposition strategies within a growing and improving market. In simple words; we are buying an underperforming asset that will greatly benefit from better management and targeted capital infusion. Please see links for further details.

Please download document for further details. Atlantic Executive Summary (.pdf)     Atlantic Proforma (.xls)