WINNDEVELOPMENT, BFIM ACQUIRE WATERBURY APARTMENT COMMUNITY

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, in partnership with Boston Financial Investment Management (BFIM) has acquired Watertown Crossing in Waterbury. Located near Route 8 and Interstate 84, the 108-unit affordable housing community comprises 18 residential townhome buildings with a mix of one-, two-, three- and four-bedroom townhome-style units. Following the acquisition from Tinman Realty, the community will undergo renovations that include in-unit upgrades to kitchens and baths; repaired siding; new windows, doors and roofing; as well as energy-efficient upgrades to the property’s HVAC systems. In addition to unit upgrades, Winn will complete site improvements, including the construction of a new 2,500-square-foot community clubhouse with a community kitchen, laundry facilities, fitness center and management office. WinnResidential, the property management arm of WinnCompanies, has managed the property since 2001 and the community continues to maintain nearly 100 percent occupancy. The project is receiving equity financing from BFIM and construction-to-permanent financing from the Connecticut Housing Finance Agency. Winn plans to begin construction immediately with completion slated for summer 2015. The Architectural Team is providing architectural services and Keith Construction is serving as general contractor for the redevelopment project.