Tarragon Realty Investors purchased a 158-unit apartment community in New Haven, Conn.
The value of the transaction was not disclosed.
Tarragon has renamed the community, located on Fountain Street, to 200 Fountain Apartment Homes.
Formerly known as Cambridge Apartments, the community is situated in the Westville section of New Haven. In addition, the community boasts an 11,000-square-foot activity/fitness center, a gated entrance and covered parking.
Tarragon plans to invest over $1 million in property improvements at 200 Fountain, including upgrades to the kitchens and bathrooms and replacement of many of the windows, slider doors and HVAC units. The company also plans to add a fitness center and leasing office to the currently unused community center. These improvements are expected to permit aggregate annual rent increases of more than $200,000 by next year, the company said.
Tarragon Realty Investors Inc. is a home builder specializing in high-density residential communities.
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