This project is as safe an investment as you can get in today’s market.
Cheshire, CT (PRWEB) August 19, 2015
Last Friday, Calcagni Commercial represented both sides of the sale of 190 Pine Rock Avenue in Hamden, Connecticut for a purchase price of $7.6 million. This 30-unit, 120-bed complex is adjacent to the Southern Connecticut State University campus and has functioned as a convenient and popular housing option for students since its construction in 2012.
The property was sold by 4857 RR, LLC of Fairfield, Connecticut and 4857 PD, LLC of Trumbull, Connecticut and acquired by Campus Partners, LP of Danville, California. Calcagni Commercial’s Ralph Lewis connected the parties, deftly facilitating the east-coast/ west-coast negotiations. “Ralph Lewis at Calcagni was really easy to work with,” buyer Cyrus Bogart commented. Having overseen a number of student housing deals—including master leases and straightforward sales—in the last few years, Lewis is proficient in this segment of the real estate market and maintained a productive pace despite the long-distance nature of the transaction.
Lewis’ commercial expertise and professionalism aside, the complexities of the sale were further minimized by the quality of the opportunity. Phil DiGennaro, managing member of the sellers, stated, “Cyrus and his team clearly recognize the importance of such a well-located student housing project. Since the project’s inception, rental rates have increased every year. This project is as safe an investment as you can get in today’s market.”
190 Pine Rock is a prototypical example of Calcagni’s current and preferred commercial dealings. With the influx of private investors browsing real estate opportunities nationwide, the company is equipped to pair buyers with the appropriate residential, retail and development deals without limitation.