Newbury Village, a 180-unit apartment complex in Meriden, has been purchased for $27.5 million in a joint venture by two realty companies.
The purchase by Phoenix Realty Group and PCCP, LLC values each unit at roughly $153,000 each.
The complex, built in 2005, now is scheduled for a series of improvements, including new landscaping, a redecorated pool area, new kitchens, gym and clubhouse accommodations.
The property, purchased from Winthrop Realty Trust, is being rebranded and renamed Alvista Willow Brook.
Jeffrey Dunne and Patrick Carino of the New York Institutional Group of CBRE, the commercial real estate services firm, and Mike Stone of CBRE/NE’s Hartford office represented the seller and procured the buyer.