Fully Renovated Luxury Multifamily Property - Opportunity ...€¦ · PowerPoint Presentation...
Transcript of Fully Renovated Luxury Multifamily Property - Opportunity ...€¦ · PowerPoint Presentation...
Fully Renovated Luxury Multifamily Property - Opportunity Zoned
Neighboring Yale University and Science Park
Ashmun Flats320 Ashmun StreetNew Haven, CT 06511
All information from sources deemed reliable and is submitted subject to errors, omissions, change of price, rental, prior sale and withdrawal without notice.
HK Group is pleased to offer New Haven’s premier luxury multifamily asset, Ashmun Flats, a boutique style residential
redevelopment completed in 2015 just steps from the heart of Science Park and Yale University.
This property is located in an “Opportunity Zone”, with all potential development and tax advantages related to that
classification.
The 8 unit mixed-use three building property is comprised of two-bedroom and three-bedroom units with an additional
retail space. The property also offers 10 gated, on-site parking spaces.
Ashmun Flats is located at 320 Ashmun Street, the key corner of Ashmun, Henry and Munson Streets. These cross streets
represent the transitional crossroads of the Dixwell Community, Science Park and Yale University, along with being located
steps away from the Farmington Canal Line. Additionally, Yale University’s Red Line Shuttle stop is located less than a block
away providing transportation between the University, the East Rock neighborhood and the New Haven train station for
students, faculty and staff.
Ashmun Flats strategic location is appealing to renters looking for convenient access to employment, services and
education.
The property features euro-style architecture and contemporary finishes, thoughtfully built with eco-friendly materials and
ultra-modern luxury finishes. Apartments feature soaring nine-foot ceilings, lustrous hardwood floors, chef-grade kitchens
with stainless steel appliances, granite countertops, and contemporary cabinetry. In-home washer/dryer and individually
controlled heating and air conditioning are also included.
Ashmun Flats presents a unique opportunity to acquire a well located, strong in-place cash flow property, with value -add
upside potential through the creation of an additional unit, future rent growth in the market or maximizing its opportunity
zoned potential.
Executive Summary
Ashmun Flats320 Ashmun Street.
New Haven, CT 06511
Strong and Stable New Haven LocationNew Haven enjoys a strategic location within the region providing excellent access to the New York Metro region and all of New England via major roadways including Route 15 (the Wilbur Cross/Merritt Parkway), I-91 and I-95 and rail transportation via the Metro North Railroad and Amtrak. The largest employers in the New Haven Labor Market Area are Yale University and Yale-New Haven Hospital (which collectively employ nearly 17,000 people), AT&T Connecticut (10,000 employees), Hospital of Saint Raphael (3,200 employees) and Southern Connecticut State University (3,000 employees). In addition, New Haven is headquarters to a number of Fortune 1000 companies such as Chemtura, Amphenol, Hubbell and the Knights of Columbus. The stable nature of New Haven County’s primary employment centers should serve to insulate this area from major economic downturns. Also, residents of New Haven County enjoy a broad range of recreational, retail, entertainment and cultural amenities. Located just one mile north of downtown New Haven, Ashmun Flats offers its residents an attractive lifestyle with the ability to capitalize on amenities and employment centers available in and around the New Haven CBD.
Major Drivers of Residential DemandYale University, center of higher education and cutting edge research with 14,000+ students and 3,200+ faculty (second largest employer with 11,500+ employees); Yale-New Haven and Yale-Saint Raphael Campus teaching hospitals (largest employer with 12,000+ employees); New Haven is home to more than 3,200 businesses with 80,000+ employees; several of the top 100 companies headquartered in Connecticut are located in New Haven. Additionally, New Haven also has, the University of New Haven, with 7,000 students, Southern Connecticut University, Albertus Magnus and Quinnipiac University, in Hamden, with an additional 9,000 students.
Biotech Capital of ConnecticutNew Haven is ranked as the 13th best city for biotech venture funding in the country with 39 of the State’s 52 biotech firms; Pfizer Pharmaceutical recently completed a $35 million Clinical Research Unit; $500 million newly built Yale-New Haven Smilow Cancer Center state of the art facility built for patient and family centered care.
Robust Rental MarketLowest vacancy rate in the country; desirable location for well-compensated young professionals, well-funded graduate students and mature renters-by-choice.
Convenient Access to TransportationOnly 2 miles to New Haven Metro-North/Amtrak train station; approximately 1.5 miles to interstates 95 and 91; five miles to Tweed New Haven Regional
Airport; on both the Yale University Shuttle and CT transit bus line.
All information from sources deemed reliable and is submitted subject to errors, omissions, change of price, rental, prior sale and withdrawal without notice.
Investment Highlights
Ashmun Flats320 Ashmun Street.
New Haven, CT 06511
Ashmun Flats
All information from sources deemed reliable and is submitted subject to errors, omissions, change of price, rental, prior sale and withdrawal without notice.
Map of New Haven
Ashmun Flats
Ashmun Flats320 Ashmun Street.
New Haven, CT 06511
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Science Park
Highville Charter
Double A Development Partners 400-unit
project
Farmington Canal
Greenway
Yale Shuttle Red Line
Ashmun Flats
All information from sources deemed reliable and is submitted subject to errors, omissions, change of price, rental, prior sale and withdrawal without notice.
Addresses: 320 Ashmun Street. New Haven, CT 06511326 Ashmun Street. New Haven, CT 0651127 Henry Street. New Haven, CT 06511
Land size: 0.26 Acre +/-
Zoning District: RM-2 High-Middle Density (Opportunity Zone qualification)
Frontage: 114’ on Henry Street, 75’ on Ashmun Street and 118’ on Munson Street. (See aerial map attached.)
Building size: 320 Ashmun Street • 4,493 SF
326 Ashmun Street • 2,688 SF
27 Henry Street • 2,404 SF
Year Renovated: 2015
Access: Each building has separate entrances
Construction: Wood frame
HVAC: HVAC with forced air heat and central air conditioning.
Electrical: 200 Amp service with individually metered units
Water/Sewer: City
Gas: Natural Gas
RE Taxes: $12,010
Parking: Private gated off-street parking with 10 parking spaces. Additional parking on city streets.
Sale Price: $2,100,000.00
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All information from sources deemed reliable and is submitted subject to errors, omissions, change of price, rental, prior sale and withdrawal without notice.
Ashmun Flats320 Ashmun Street.
New Haven, CT 06511
Ashmun Street View Henry Street View
New 400 – Unit Development
Ashmun Flats320 Ashmun Street.
New Haven, CT 06511
New Haven:Growing Economy and Diverse Amenity Base
New Haven, Connecticut boasts a strong and growing economy, underwritten by the presence of Yale University, a world-renowned academic and research institution, Yale-New Haven Hospital and research system, a nation-leading healthcare center and teaching hospital, and an ever-expanding biotech industry. The symbiotic relationship between the university, hospital center, and the biotech community has created sustainable job growth for the greater New Haven area and attracts some of the brightest minds in the world to New Haven. This “live, work, learn” ecosystem has annual job growth rate of 1.3% since the recession and has created over 23,000 thousand jobs in that time span.
New Haven currently ranks as the second fastest growing city in New England.
From the growing economy, influential university presence, and multi-cultural workforce comes a diverse amenity base, which provides New Haven with many options for live theater, live music venues, world class restaurants, and the second largest private art collection in America. Additionally, New Haven supports many quality retail shopping experiences, national-chain and local grocery stores, and a variety of transportation options.
This rich amenity base city is highly desirable and attracts many renters into the City.
Ashmun Flats320 Ashmun Street.
New Haven, CT 06511
New Haven’s Biotech Ecosystem
New Haven fosters an environment conducive to creating and sustaining a successful biotech industry. Yale University and the Yale-New Haven Hospital and research system have provided a significant amount of investment and support, creating a market for biotech companies to flourish. This “ecosystem” is highly symbiotic: Yale University supports both local biotech start-ups as well as established corporations run by their alumni; this funding and public support helps the biotech companies grow and expand their research and product offering; in turn, the expanding Yale-New Haven Hospital and research system benefits both directly and indirectly from these advancements ands breakthroughs. New Haven hosts 39 of Connecticut's 52 bioscience companies and ranks as one of the top cities in the United States for biotech venture funding.
A prime example of the biotech ecosystem’s strength is Alexion’s brand new, state-of-the-art facility which includes 426,000 SF of research, operational, and administrative space. Alexion was originally founded in incubator space in Yale’s Science Park by Leonard Bell, and subsequently expanded into a suburban campus. Today, the rare-disease drug manufacturer, who posted a revenue of $2.6 billion, continues to grow, citing the burgeoning biopharmaceutical industry and New Haven’s knowledge-based economy. Along with other biotech companies, is fueling the city’s growth and building a sustainable economy.
As these biotech companies continue to grow, they attract a highly- educated and global workforce, bringing many various nationalities, backgrounds, and ideas into the New Haven marketplace. This workforce diversity creates a deep renter pool with established jobs and above- average incomes that are seeking a residence near their place of work that also provides numerous amenities near by.
For additional information, please contact :
Ricardo E. Cordido, CCIMVice President
HK Group Commercial Real Estate 253 Riverside Avenue Westport, CT 06880 O: 203.454.8700 C: 203.464.1853
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