COVE WEST HARTFORD

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Cove West Hartford Apartments
Capitalization $26,300,000
Projected IRR 14% - 17%
Projected Hold 3 - 5 years

Cove West Hartford is a sprawling 200-unit apartment community located just 2.5 miles from downtown Hartford, CT.

The business plan is to transform the previously mismanaged and underperforming “Class B-” property into a desirable “Class B+” residential community in order to capitalize on the market demand for well-priced, quality apartments, of which there is a lack of supply.

Neighboring the property is the lush and vibrant Kennedy Memorial Park, which provides entertainment and recreation for residents with a playground, baseball field, two full-length basketball courts and two pools. And there is a plethora of retail options nearby thanks to the adjacent Prospect Shopping Plaza and a $180 million shopping center, Blue Back Square, minutes away. Furthermore, Cove West Hartford has immediate access to Interstate 84, which links residents to major job centers.

MARKET OVERVIEW

 

Hartford is widely considered the “Insurance Capital of the World,” as many of the major insurance corporations are headquartered downtown.

The Hartford metro area has a workforce of 613,420 employees. Since 2011 roughly 23,000 jobs were added and another 9,000 are expected to be created in the next 5 years.

Average asking rents have risen consistently since 2011 and are expected to continue trending upward. The market has strong demand for higher-end, well-priced “Class B” and “B+” units but limited inventory of such products.

KEY MARKET FACTORS

 

Lack of Supply: West Hartford has a limited supply of reasonably priced, high-quality apartments. Newly constructed units lease at an average monthly rent of more than $2,000, while the more economically priced “Class B” and “C” products lack the quality finishes and amenities that most of the area’s working-class residents desire.

Strong Demand: Nearly 170,000 residents, who have an average annual household income of $70,000, live within a 3-mile radius of the property. It is therefore anticipated that with renovations and improved management, Cove West Hartford will be considerably attractive to Hartford’s working-class residents.

RENOVATION HIGHLIGHTS

To optimize the property, every apartment will be renovated and remodeled and the common areas and clubhouse will be overhauled. These improvements are anticipated to generate rental premiums, resulting in a significant potential return on investment.

Interior
  Stainless steel appliances
  New kitchen cabinetry
  Granite countertops
  Vinyl plank flooring
  New bathrooms
  Upgraded LED lighting

Exterior
  Corridor improvements
  Lobby revitalization
  Clubhouse renovation
  New roofs
  Elevator cab repairs
  Parking lot resurfacing

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