Worth of Calcagni Associates sells 2 apartment projects for $17 million

Tom Worth has sold two student housing projects for a total sale price of $17 million. The just completed 36 two and three-bedroom townhome units located at 62 Chestnut St. provides housing for students who are attending Western Connecticut State College. The units are fully furnished, have a two car garage, two additional parking spaces and are leased on a 12 month basis. The second project located on Eckart St. in Bridgeport is less than a mile from Sacred Heart University. There are 44 three-bedroom units providing housing for 176 students on twelve month leases. These units are fully furnished with bedroom sets, living room furniture, desks and kitchen tables. The cash flow from the projects, quality of construction and 98% occupancy made these two complexes an excellent investment. The seller of the projects, 51 Sound Apartments LLC and 62 Sound Apartments LLC was represented by Michael Freda of the Freda Financial Group.