Investors Buy Another Student Apartment Complex Near UConn

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Investors have purchased another student apartment complex near the University of Connecticut’s main campus in Storrs, adding to a string of sales in the past 18 months.

Renwood Apartments are about a mile and half from the University of Connecticut campus in Storrs. Photo Credit: Chozick Realty

Renwood Apartments are about a mile and half from the University of Connecticut campus in Storrs. Photo Credit: Chozick Realty

The 76-unit Renwood Apartments was purchased for $4.3 million by Renwood Apartments LLC of Waterbury, according to Hartford-based Chozick Realty, which represented the seller, 175-35 OAP Holdings LLC of Maryland.

Renwood  includes 32 one-bedroom and 44 two-bedroom units and 46 garages.

Broker Rick Chozick told me the new owners don’t plan any immediate renovations to the 35-acre property.

Chozick said investor activity near the UConn campus is strong because there is limited off-campus apartment options. The student population also is expected to grow, now that the state has approved $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.

 

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