Another major apartment complex near the University of Connecticut’s campus in Storrs has sold for $8.4 million, just as the state has approved funding aimed at increasing the university’s student population.
Willington Oaks, a 128-unit student apartment complex in Willington, comes nine months after the $16.1 million sale of five apartment properties containing 200 apartments, also near the university.
Willington Oaks, built in 1966, has 64 one-bedroom apartments and 64 two-bedroom, townhouse-style apartments, according to Hartford-based Chozick Realty, Inc., which represented to seller, RRE VIP Willington LLC., and procured the buyer.
Rick Chozick, of Chozick Realty, said the new owners, Willington Oaks LLC, plan improvements to the complex.
Chozick said there has been strong investor activity near the UConn campus because of limited off-campus apartment options. The student population is expected to grow, now that the state has approved the $1.5-billion “Next Generation Connecticut Initiative” with an emphasis on science, technology, engineering and math studies.
New apartments are being added to the area in the Storrs Center, mixed-used development on the southern edge of the UConn campus.