Carriage House Sold for $11.2m

[huskymedic]

 

[Excalibur]

What is the rent on a CH apartment these days?

 

[Letsgohuskies11]

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

 

[Palatine]

Anyone know what happened to Barbara Manor? Not a person, an apartment complex in the 70s.

 

[Da_Aisijimo_Gou]

"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)?

 

[Da_Aisijimo_Gou]

What is the rent on a CH apartment these days?

2 br $1,650

17 Carriage House Dr, Mansfield, CT 06268 - Townhouse for Rent in Mansfield, CT | Apartments.com

See all available apartments for rent at 17 Carriage House Dr in Mansfield, CT. 17 Carriage House Dr has rental units starting at $825.

www.apartments.com

 

[Letsgohuskies11]

2 br $1,650

17 Carriage House Dr, Mansfield, CT 06268 - Townhouse for Rent in Mansfield, CT | Apartments.com

See all available apartments for rent at 17 Carriage House Dr in Mansfield, CT. 17 Carriage House Dr has rental units starting at $825.

www.apartments.com

lol that seems crazy. Could get a 2 bedroom in Astoria, NY right now for around this price if not a couple hundred more.

 

[Da_Aisijimo_Gou]

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)

 

[husky8273]

had 4 roomies in a 2Bdr in '80-'81 for $250 month, $50 each.

 

[dvegas]

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.