Ashford, CT – Northeast Private Client Group has been exclusively retained to market Ashford Hills Apartments, a well-positioned 52-unit multifamily property offering significant value-add potential in the desirable town of Ashford, Connecticut.
Listed at $8,675,000, this asset presents a rare opportunity for investors to acquire a stabilized community with strong in-place fundamentals and upside through a proven rent growth strategy.
Strategically Located With Solid Fundamentals
Situated just 10 minutes from the University of Connecticut (UCONN), Ashford Hills Apartments benefits from both a strategic location and strong local demand. The property is nestled in a supply-constrained area, driving rental stability and long-term growth potential. With a current average rent of $1,416 and a pro forma rent of $1,575, new ownership can leverage a mark-to-market strategy to elevate income and value.
The seller has already laid the foundation for future performance, investing over $600,000 in capital improvements, which include:
- A brand-new roof (2023)
- Full reconstruction of the well house water system (2025)
- Comprehensive security camera installation (2023)
- Fresh carpeting and painting in all common areas (2023)
- LED lighting upgrades throughout the property (2024)
Of the 52 units, 28 have already been turned, and 8 of these have received premium-level interior finishes, creating a clear blueprint for future unit upgrades.
Investment Highlights
Sale Price: $8,675,000
Price Per Unit: $166,827
Cap Rate (in-place): 6.75%
Pro Forma Cap Rate: 7.99%
Building Size: 48,960 SF
Average Highest Achieved Rent: $1,553
Utilities: All-electric units with tenants responsible for heat and hot water
Parking: Ample off-street parking for tenants and visitors
Amenities: On-site laundry facility
With historically strong occupancy rates and upward pressure on market rents in the region, Ashford Hills Apartments offers a compelling investment narrative. Investors have the ability to continue unit renovations, push rents to pro forma levels, and enhance NOI with limited additional capital outlay.
