12 Balaban Rd

• Assumable Financing at 2.91% Interest Only
• Significant Recent Capital Expenditures
• Average Household Income $136,000
• All-townhome Garden Style Property
• Opportunities to Increase Revenue and Decrease Expenses
• On-site Leasing Office, Playground, Dog Park, EV Chargers, Picnic Area
• Available Individually or as a Portfolio with The Cove Collection and/or Wharton & Parsons Apartments

Property Description

Northeast Private Client Group® is pleased to present the exclusive opportunity to purchase The Colchester Estates in Colchester, Connecticut. This property consists of ninety-two (92) two-bedroom/onebathroom units. These ninety-two (92) units span 81,227 square feet. The offering is located on one (1) 26.44 acre parcel. Over the past five years, the property has benefited from a complete redevelopment. Work includes bringing all apartments to a renovated status which include hardwood flooring, shaker cabinetry, stone countertops, new appliances, tiled bathrooms, and more. The exterior improvements include new roofs, hardscaping, landscaping, basketball court and picnic area, playground, dog parks, gated entry, mailboxes, doors, EV charging stations, and asphalt repairs. Systems upgrades include new wells and water treatments systems, septic systems, generators, and an oil sub-metering system to bill tenants for their heating usage. Additional work completed by current and previous ownership includes new water system and wells, new septic system, new hardscaping, new landscaping and picnic areas, new EV charging stations, new mail center, and new gated parking. Strategically located 2-miles away from Rt. 2, in the town of Colchester, the Property benefits from being in easy commuting distance to Hartford and Lower New London County. Colchester's Town Center, only 2.5 miles away, offers a great destination for residents to enjoy restaurants and shops. The Property is offered with the opportunity to assume a Fannie Mae loan with a balance of $11,030,000 (7/17/23) at a 2.91% rate, serviced by Greystone. The loan was originated 10/30/2020 and matures 11/1/2030. The loan is interest-only through November of 2024. It then amortizes on a 30 year schedule and matures November of 2030. Annual debt service during the interest-only period is $320,973 and annual principal and interest payments total $551,631 when the loan begins amortizing.