Updated Dec 4, 2024
Paredim Partners Acquires Centennial Apartments In Farmington For $18.8M
5 Spring Lane
$18,800,000
Units
101
Asset Type
MultiFamily
Closing
Oct 23, 2023
About this deal
AI
The Centennial Apartments, a 101-unit multifamily property located at 5 Spring Lane in Farmington, Connecticut, has been sold for a total of $18.8 million. The sale price equates to approximately $186,138 per unit.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $18,800,000
- Address: 5 Spring Lane, Farmington, Connecticut
- Market: Hartford, CT
- Buyer: David Parisier - Paredim Partners
- Seller: Kevin Chance - Mystic Property Management Inc
- Units: 101
- Price Per Unit (PPU): $186,139
Paredim Partners, represented by David Parisier, has acquired the Centennial Apartments from Kevin Chance, who was represented by Mystic Property Management Inc. This transaction marks a significant investment in the Farmington, Connecticut real estate market.
Players
Greenville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93