March 23, 2018
The Tree Group has disposed of its 455-unit multifamily portfolio, comprising three different properties in Connecticut: Peppertree Apartments in Groton, Silvertree Apartments in Wallingford and Harbortree Apartments in New London. Rick Chozick and Steve Pappas of Chozick Realty Inc. represented the seller and procured the buyer in the transaction, which totaled $48.3 million. Peppertree and Silvertree were constructed by The Tree Group in 1975 and 1985, respectively, whereas Harbortree was acquired by the seller over a period of several years.
Peppertree is located at 278 Meridian St. and comprises 204 units. Floorplans are available in studio, one- and two-bedrooms, ranging from 480 to 950 square feet, across 10 two-story buildings. Interiors feature washer/dryers, above standard ceiling heights, microwave ovens, ceramic tiled bathrooms and private balcony/patios. Community amenities include a fitness center, tennis court, outside storage, basketball court, swimming pool, laundry facilities and 410 parking spaces. According to Yardi Matrix, the community was 98 percent leased as of January 2018.
Silvertree is situated at 181 Knollwood Drive and offers 180 studio, loft, one- and two-bedroom floorplans, plus penthouses. Square footage ranges from 480 to 895 across six, three-story buildings. According to Yardi Matrix, occupancy was at a rate of 98.9 percent as of January 2018. Interiors include dual-pane glass, above standard ceiling heights, microwave ovens, ceramic tile bathrooms and private balcony/patios. Residents have access to amenities such as a fitness center, laundry facilities, tennis court, swimming pool and 360 parking spaces.
Harbortree is located at 43 Granite St. and features 71 studio, one- and two-bedroom floorplans ranging from 400 to 800 square feet. Interior features include high ceilings, hardwood floors, period molding, fireplaces and French doors. Common area amenities are offered such as laundry facilities, outdoor grills and patio areas.
“We are pleased to have worked on behalf of the seller as well as procuring the buyer,” Chozick told Multi-Housing News. “The properties in this portfolio, while professionally managed for many years by the seller, affords significant upside to the purchaser through completion of cosmetic renovations. Wallingford is extremely well located within the state and the Groton/New London markets offer tremendous growth in its employment base, while having high barriers to entry.”