Monday, February 04, 2013
NEW BOSTON FUND SELLS CONNECTICUT APARTMENT COMMUNITY
Fairfield Residential acquires the 226-unit Windshire Terrace
Middletown, Conn. – (February 4, 2013) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the sale of Windshire Terrace, a 226-unit Class-A apartment community, to Fairfield Residential.
Windshire Terrace consists of 11 three-story buildings on a 15.05-acre parcel of land. The community is comprised of 64 two-bedroom, one-bath apartments, as well as 162 two-bedroom, two-bath apartments. The average unit size is 1,042 square feet. Windshire Terrace was 96 percent occupied at the time of sale.
“Given the strong level of interest we are seeing from investors in multifamily assets, we felt it was the ideal time to sell this property,” said Jon Gillman, Senior Vice President of Asset Management at New Boston Fund. “Windshire Terrace has been a very well-performing and stable asset for as long as it has been a part of our portfolio, and we are certain that Fairfield will experience the same success.”
Residents at Windshire Terrace enjoy amenities such as, a clubhouse, fitness center, and outside swimming pool. The property was originally constructed in 2000.
Located just off Route 217 and I-91, Windshire Terrace is in close proximity to Route 9 with easy access to downtown Hartford. The property’s location also offers convenient access to other major highways and the entire Hartford metro area.
New Boston was represented by Simon Butler, Executive Vice President and Partner; Biria St. John, Executive Vice President and Partner; and Mike Stone, First Vice President, from CB Richard Ellis – N.E. Partners. The buyer was not represented in this transaction.
New Boston originally acquired the newly constructed property through Fund VI in May 2005. New Boston does not disclose sales prices for its transactions.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
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