March 14, 2007
Belfonti Announces Sale Of Residential Property
In Uncasville, CT -
Meadows Apartments Sold for Over $7MM
Hamden, CT – March 14, 2007 – Glen Meadows LP, a Belfonti Associates entity that owned the 114-unit Meadows Apartments in Uncasville, CT, recently sold the property for over 7 million dollars to Alex Vigliotti of Branford, CT. Steve Witten and Victor Nolletti of Marcus & Millichap were the brokers for the sale.
“At 114 units, the Meadows Apartments was the smallest multi-family residential property in our portfolio, and the time was right for a sale,” said Michael Belfonti. “We plan to capitalize on the yield we received from this disposition to pursue larger value-added opportunities.”
Belfonti’s group continues to own and operate a large portfolio of multi-family residential units as well as commercial and industrial properties. “At this point in time we are positioned to make the best possible use of our capital,” said Belfonti.
The Meadows Apartments are located on approximately 11 acres on Leffingwell Avenue in a quiet residential neighborhood that is also convenient to many major employers. Electric Boat, Pfizer, the Mohegan Sun and Foxwoods Casino are all within a few minutes drive from the property.
Belfonti Companies, LLC Real Estate Development and Investment, with a central office located in Hamden, Connecticut, actively and aggressively pursues opportunities throughout the United States and internationally.