WATERBURY, SOUTHINGTON AND WOLCOTT, CONN. — The joint venture of Urban Strategy America Fund and Beacon Communities Fund I Limited Partnership have acquired a senior housing portfolio in Connecticut from the Errichetti family. The acquisition amount was not disclosed.
The 18 building, 404-unit portfolio consists of Exchange Place Towers, Flanders West, Countryside I and Countryside II. The properties are 99 percent leased.
“Beacon Communities and New Boston’s USA Fund have a deep commitment to preserving affordable housing for low-income seniors and a track record of managing properties that provide quality housing over the long term,” says Rebecca Regan, president of Boston Community Capital’s Loan Fund.
Exchange Place Towers is a 150-unit, 11-story apartment building in Waterbury. Flanders West is a 145-unit, mid-rise apartment community in Southington. Countryside I and II are 55- and 54-units, respectively, and feature townhouse-style apartment communities.
“This purchase helps ensure the stability of 404 homes for senior citizens living on fixed incomes,” added Regan. “We’re proud of the role we could play in making this deal happen.”