The new owners of a majority of the units at Avon Place plan more than $2 million in renovations, including upgraded kitchens and hardwood floors plus an upgraded gym and other amenities.
Danny Fishman, co-managing partner of investor Gaia Real Estate, told me today that the work also will include renovations to common areas switching from a septic system to sewer hook-up.
“We want to make it more luxury rental and high-end,” Fishman said.
New York-based Gaia paid $22.3 million for 163 of the complex’s 188 units, its second purchase in Connecticut in two years. Built in 1973 as a condominium complex, the block of one-, two- and three-bedroom units now owned by Gaia has been rented as apartments.
[An earlier version of this post incorrectly stated the property sold for $16.7 million. That amount represents the mortgage taken out on the property.]
Fishman said financing is in place for the renovations, and negotiations are underway with contractors. The renovations in the units — most of which are now rented — are expected to begin soon, Fishman said.
Fishman said he expects the upgrades will mean a increase in rent, but he said the new rents have not been determined.
Gaia owns 13,000 rental units in New York, New Jersey, Texas and Florida. In Connecticut, Gaia owns the 92-unit Gaia Gardens in Colchester.