Commercial real estate crowdfunding platform ArborCrowd announced on Wednesday its latest investment opportunity for investors to acquire equity interests in Cove West Hartford, which is a 200-unit apartment community in West Hartford, Connecticut. According to ArborCrowd, the six-building complex is ideally situated just 2.5 miles from downtown Hartford and is poised to benefit from a value-add repositioning effort that will upgrade every apartment and reimagine its 12,000-square-foot clubhouse to provide sought-after amenities and unlock further revenue potential.
ArborCrowd also reported that the property was recently acquired in an off-market transaction by affiliates of ArborCrowd, CS Acquisition Group, LLC, a real estate owner and operator with a large portfolio in the Hartford area, and AMAC, a real estate private equity firm that is part of the Arbor family of companies. The funding portal is seeking to raise $3.55 million from investors for this opportunity. The total capitalization of the transaction is $26.3 million, and the Sponsor and AMAC will continue to own more than 50% of the total equity in this transaction.
While sharing more details about the property and offering, Adam Kaufman, Co-Founder and Managing Director of ArborCrowd, stated:
“We’re highly selective about the deals we present to our investors. Each sponsor and project is thoroughly vetted to ensure the deal and projected business plan match up with market fundamentals and demand,” said . “Like all of our deals, this investment was sourced through our relationship with the Arbor family of companies, which provides us access to a proprietary network of successful sponsors.”
“Cove West Hartford was a particularly attractive investment opportunity for several reasons, including its outstanding location near downtown Hartford and local employment centers, a lack of comparable supply in the market, and strong demand for quality apartments at an affordable price. We’re excited to partner with CS Acquisition Group, an experienced local owner and operator, and are confident that they will execute on the value-add strategy, which could yield a substantial return on investment.”