The buildings are located off the Asylum Avenue exit in Hartford (designated Opportunity Zone). This asset has 129 units, was constructed in 1947, totals 66,602 SF & is on .80 acres. You are greeted by a stunning marble entryway w/ completely remodeled hallways w/ new flooring, paint & LED lighting. Ownership has renovated many units w/ top of the line finishes, including: stainless appliances, granite countertops, modern flooring, shaker cabinets, decorative backsplashes, attractive lighting & cordless shades. Additional amenities are: electronic key fob access, gated off-street parking, elevator, brand new energy efficient windows and boilers. Currently, ownership is creating a fitness facility in the lower level and an outdoor sitting area with a fire pit in the courtyard. 30+ units have already been renovated and rented at higher rents. Rents increased 23% Year over Year since March 2020, when majority ownership took over Property Management. The unit mix consists of:10: 2-bedroom/1-bathroom units; 88: 1-bedroom/1-bathroom units; 32: Studio/1-bath units. The upside is immediate with the continuation of these renovations. The Landlord is responsible for heat, water, sewer and common area electric. The tenants pay electric and the electric has been updated to circuit breakers with subpanels for each unit. The asset also has cameras and an intercom system. This asset can be purchased individually or as part of the complete 505 Unit, “Historic West End Portfolio.”
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