WinnDevelopment Acquires Schoolhouse Apartments in Connecticut for Rehabilitation

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, has acquired the historic 213-unit Schoolhouse Apartments in Waterbury for an undisclosed price. The company has a $16.4 million rehabilitation project planned for the occupied property, which was converted to residential use in 1982. The rehab project includes a restoration of masonry exteriors; the replacement of exterior lighting; the repair and replacement of roofs, siding and wood trim; new signage and security cameras; and improved handicap accessibility. The apartments will undergo mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. WinnResidential will manage the property, which is slated for completion by fall 2017. The project will utilize an allocation of low income housing tax credits from Connecticut Housing Finance Authority, as well as financing from the Connecticut Department of Housing and federal subsidies from the U.S. Department of Housing and Urban Development. Boston Financial Investment Management is the project’s equity investor, and the design team includes Keith Construction as general contractor and The Architectural Team as project architect.