Carriage House Sold for $11.2m



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Had some good times there in 04-06 until they basically tried to kill the party culture there that you had to be on a guest list to get in. No idea if parties still happen here
 
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"The apartments last sold in 2012 for $11 million. "The apartments were built in 1967 and underwent recent renovations."

2021 $11.2m sale - 2012 $11m buy - recent renovations = 8 years of income + depreciation (+ potentially sprinting away from ongoing crappy building renovation requirements, Mansfield government obstacles, etc)?
 
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lol that seems crazy. Could get a 2 bedroom in Astoria, NY right now for around this price if not a couple hundred more.
Other than close proximity to UConn, $1,650 makes limited sense for sh|t boxes. On the other hand, the Zillow ad may be starting asking prices or reflect what the market's willing to pay ... (read: possibly ignorant parents or parents with near $1,650 billable hours and/or potentially naive students with minimal financial management skills)
 

dvegas

Duck Fuke
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the seller paid $11 million in 2012. Imagine the capital repairs on turnovers must be crazy $$$ if its still the show it was in the 1980's. But student housing is (or was, pre-pandemic) a very hot CRE investment sector.
 

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