99 Cedar Street

• Value-Add Opportunity
• In-Place Rents Over $300/month Below Market
• Over $240,000 in Mark to Market Rent Upside
• Attractive Garden-Style Community
• Green Space, Parking, On-Site Office, Laundry and Mail Room
• Desirable Unit Mix: 14 One-Bedroom and 49 Two-Bedroom Apartments
• Growth Submarket
• 5.2% Market Rent Growth (CoStar)
• 3.4% Market Vacancy (CoStar)
• Strategically Located
• Walking Distance to Downtown Norwich – Shopping, Nightlife, Parks, Marinas
• Proximity to Major Employers
• 3.5 Miles to Mohegan Sun Casino

Property Description

Northeast Private Client Group is pleased to present Cedar Glen Apartments, a 63-unit, 100% market-rate apartment complex located in Norwich, Connecticut. Constructed in 1971, Cedar Glen Apartments is comprised of four brick and frame buildings of three stories each on 3.08 acres. The property features a unique and ideal unit mix of 14 one-bedroom and 49 two-bedroom apartments. Cedar Glen Apartments is strategically located in a quiet mostly single-family neighborhood within walking distance of Downtown Norwich which offers residents a variety of dining and entertainment options, marinas, and parks along the scenic Yantic River. The property benefits from immediate access to major local employers including Mohegan Sun Casino, Baccus Hospital, Norwich Free Academy, The Social Security Administration, and Norwich Superior Court. Interstate 395 and Route 2 make major regional employers including Electric Boat, Foxwoods Resort, Dominion, Pfizer and US Foods easily commutable. Additional demand drivers include several Universities, the Coast Guard Academy and Naval Submarine Base. Current ownership has maintained and continually upgraded the property but there remains the opportunity to add significant value through improved operational focus. Current ownership has managed the property remotely and in-place rents have lagged the market substantially. Through selective unit upgrades and marking rents to market a new owner can capture over $240,000 in rent upside. Norwich, Connecticut boasts a submarket vacancy rate currently of 3.4% and projected market rent growth of 5.2% (CoStar), ensuring stable growth and durable cash-flow generated by the property.