Old Saybrook Apartments
Old Saybrook Apartments LLC is an investment in a newly built, stabilized, cash flowing apartment community. The nine building, 186-unit, luxury multi-family rental property is located on 10.78 acres in suburban Old Saybrook, Connecticut and was completed in 2017. The property is in the center of town and is walking distance to Long Island Sound as well as multiple restaurants and shops. Old Saybrook is a beautiful waterfront town in southern Connecticut midway between Boston and New York City. It has long been considered one of the most exclusive seaside enclaves in Connecticut and for years was home to the famous Katherine Hepburn as well as numerous wealthy executives from nearby Hartford and the surrounding areas. Home prices reach well into the millions and there are no other rental communities of this size and quality in the town.
The luxury rental community features manicured grounds, walking paths, and a resort style swimming pool, as well as a five-star fitness center, and resident clubhouse. For added convenience, the property is located next to the Old Saybrook train station, which is served by Amtrak and Metra, providing residents with easy access to New York City, Westport, New Haven, and Boston, in addition to the many seaside towns along the way. Residents enjoy in-unit washer and dryers, first-class finishes and amenities, granite countertops, garages, and private balconies. In addition to its accessibility to Boston, New York City, and Hartford, Old Saybrook is in close proximity to many local employers including Pfizer, General Dynamics Electric Boat, Millstone, and both Lawrence & Memorial Hospital as well as Middlesex Hospital. General Dynamics Electric Boat, the U.S. Navy’s primary builder of submarines for the past 100 years, has a large facility in nearby Groton, CT with plans to increase production and jobs, which will be a strong revenue and population driver for the area.
Old Saybrook is located in Middlesex County. Middlesex is made up of 439 square miles featuring stunning rivers highlighting the pristine shoreline of Long Island Sound. The area features picturesque beaches as well as world class museums and is centrally located 2 hours from New York City and 2 hours from Boston. Bradley International Airport, the second-largest airport in New England, is less than an hour north, and New Haven Airport is less than 30 minutes from the property. The 21.5-mile town of Old Saybrook, ideally located directly off of I-95, has a population of about 10,500, which sharply rises in the summer months. The area is rich with shopping, restaurants, spas, parks, and cultural sites including a very active and beautiful marina where many residents keep their boats
This apartment community was purchased in November 2018.