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Veteran developer Martin J. Kenny, of Hartford-based Lexington Partners, said apartments are probably among the safest investments during periods of high inflation, but he sees a heightened number of projects going underwater as interest rates and construction costs soar.
A pair of New Jersey investors recently paid $3.2 million to buy nine century-old brick apartment buildings in Hartford, containing a total of 48 residential units. Joel and Moishe Jacobowitz of Hillside, New Jersey, are principals of CT Grand LLC, a business that began a buying spree of small apartment buildings with a $195,000 purchase of a six-unit, three-story brick apartment building on Wethersfield Avenue in May.
Three adjacent, century-old West Hartford apartment buildings with 13 total units recently sold for $1.9 million. Next Generation Park Road LLC sold the properties to Park Warren RSK LLC in a deal logged May 9. The buying LLC’s principal is Hartford-based RSK Capital LLC, whose principal is Steve Rotberg of Hartford. The sellers’ principals include Guang Zhou Li, Tommy Li, Kelly Tran Anderson, Linda Tran and Diane Tran, all sharing the same West Hartford address, according to a state business filing.