Norwich, CT Trion Holdings, a Manhattan and Yonkers-based real estate investment and management firm, acquired a 71-unit apartment community for $6.8 million. This acquisition followed Trion’s last two major purchases in NYC for total acquisitions in the past 15 months of just under $60 million. The principal investor and managing member is Carmelo Milio, CPM and Louis Pfaff, MBA served as the acquisition manager. The sellers were Hamilton Point Investors. Rick Chozick, of Chozick Realty represented both sides of the transaction.
Stonington Apartments, 102 Stonington Rd., consists of 71, two-bedroom, class A apartments totaling 75,000 s/f. It was constructed in 2005 on a 4.88 acre site. Stonington stands out among its competitors by offering air-conditioned common areas, an elevator, fitness facility, a tennis court, laundry on each floor, and private balconies or patios.
Given the market appeal and ideal location close to downtown, Mohegan and Foxwood Resort Casinos, and the U.S. Military installations to the south, multiple parties were interested and actively competing for the purchase. Carmelo said, “By not ignoring tertiary markets and smaller properties, we are able to find value where others may not be looking and Norwich is certainly one of those markets. Our reputation and ability to act quickly and honesty were vital to this acquisition.”
When inquired on how the deal was found, Milio, who serves as both the chief investment officer of Trion Holdings and the president of the Building and Realty Institute based in Westchester County, agreed to comment. Further, when asked about the key factors that made this purchase compelling Milio said, “The excellent location, strong tenant base, and above average upside in rents were paramount.”
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