Belfonti grows Connecticut apartment holdings

Area's diverse economy inspires purchase

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The Belfonti Cos. has purchased West Gate Town Homes in New Haven, Conn., for $10.2 million. The 134-unit apartment property, located at 35 Cooper Place, is located within "a diverse economic base, with its cornerstone being Yale University, ... located just minutes from our new property," said Belfonti Associates President and CEO Michael Belfonti. Belfonti's property management affiliate, MCR Property Management Inc., had taken over the management of the asset several months prior to the closing, according to a press statement. "We negotiated a special arrangement with the prior owner that allowed us to begin renovating the asset prior to closing on it," Belfonti said. "We also implemented an aggressive lease-up campaign right away, and in this way we were able to begin adding value to the property even before the sale was complete." The Belfonti Cos. is an investment company that owns more than 2,000 apartment units throughout Connecticut and in Indiana. ...