Hartford, CT Aria Legacy Group (ALG) purchased the Ritz Grande Apartments for $3.7 million. This marks the company’s 16th multifamily investment in the city.
The 58-unit complex located at 29 Annawan St. is a mix of fully remodeled one to four-bedroom apartments. Amenities at the complex include on-site laundry, a playground, basketball courts and off-street parking. The property is located near neighborhood shopping outlets and Dillon Stadium.
“This acquisition excites us because Connecticut, and especially Hartford, has been one of our best success stories to date,” said Joe Novoseller, managing principal of ALG.
Hartford was named one of 19 “Knowledge Capitals” worldwide by the Brookings Institute and offers a large, educated labor force. Many insurance companies have headquarters or other major operations in the city including Aetna, Conning & Co., The Hartford, The Phoenix Cos., Hartford Steam Boiler, Travelers and Lincoln National Corp.
Taylor Perun and Rich Edwards of Northeast Private Client Group represented the seller, Ritz Grande Apartments, LLC.
Adelle Ross with Eastern Union Funding arranged acquisition financing with Freddie Mac through CBRE.