AVON, CT -The Clairmont Group, an owner-operator of real estate in the Tri-State area along with RealtyMogul, a private equity firm using crowd-funding to finance commercial real estate investments, have teamed up to acquire Avon Place Apartments, a 164-unit apartment complex located in Avon, Connecticut for $24 million. The partnership plans to spend over $1 million in capitalized expenditures, including apartment renovations and common area improvements. Matt Schneid from Cole Scholz P.C. served as the legal advisor on the transaction.
"It is a very rare opportunity to acquire a high-quality multifamily complex in the highly sought-after Town of Avon, with one of the best school systems and demographics in the country," shared David Lubin, Managing Partner at the Clairmont Group. "We are thrilled to add this asset to our growing portfolio as we expand our presence along the East Coast," added Ryan Colbert, Managing Partner at the Clairmont Group.
Chris Fraley, Chief Investment Officer of RealtyMogul, noted that this transaction is an example of the evolution of the Crowdfunding industry. "It is exciting to see the business scale. We are very pleased to be able to offer institutional quality assets to our investors, and to give retail investors access to the level of control and fiduciary oversight that an institutional investor may have with a more traditional private equity fund. The more passive limited partner investments are still an important aspect of our business, but we are happy to be able to invest as the majority investor in middle market opportunities."
Avon Place is a full-service residential community that offers one to three-bedroom apartments with numerous amenities including tennis courts, a swimming pool, 24/7 fitness center, playground, basketball court, dog park and movie room. The community consists of three residential buildings and a clubhouse/leasing office. It sits on 46 acres of land that is nestled along the banks of the Farmington River and located within close proximity to downtown Hartfordas well as fine dining and shopping of West Hartford. The community is particularly desirable to families having Reggio Magnet School of the Arts within walking distance.