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.
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.