BENA Capital is pleased to announce its latest acquisition of a multi-family apartment asset in Hartford, Connecticut. The property is located in West Hartford, less than 5 minutes to the State Capitol building downtown and within 10 minutes from 9 of the top 25 largest employers in the State of Connecticut – including Aetna, Pratt & Whitney, and Hartford Hospital. In addition, IT consulting firm Infosys recently announced that it will hire 1,000 employees in Hartford and establish a $21 million Technology & Innovation Center to further advance insurance and health care-centric technologies. The property, which was previously owner-managed with below-market rents is poised to benefit from its central location and new economic investments propelling growth in the city.
Yousif Abudra, Managing Director said, “BENA Capital’s all-cash, debt-free offer, paired with niche market knowledge from strategic partnerships enabled a quick close, and helped us successfully compete against 10 other potential investors.
In spite of the competition, the competitive advantage of the all-cash fund and attractive terms allowed us to acquire the asset at 12% below asking price.”
BENA Capital plans to implement an aggressive phased strategy to improve the property in Q2 2018. Initially, targeted value-add projects and repairs will be undertaken to improve the appeal of the property. In parallel, the hands-on property management team is familiar with the local market, and will increase current rents to enhance cash flow. Finally, the owners of the adjacent property are already in the process of rehabbing both the interior and exterior as well, which will further enhance curb appeal and improve future value.
The acquisition is the first of BENA Capital’s newest fund, the Balanced Investing Fund, focused on a balance between quarterly dividends and asset value appreciation. Two additional transactions are also in progress at this time, and are currently in the due diligence phase. These will round out the portfolio with cash-flowing properties in growing locations, which will provide our investors with geographic diversification, rich quarterly dividends, and strong appreciation potential.
About BENA Capital
BENA Capital manages real estate investment funds, with a central focus on the acquisition and management of residential multifamily assets in growing markets. BENA Capital's funds provide investors with ease of entry, reliable quarterly cash flow, and portfolio diversification. Our proven strategies emphasize sound investing in carefully researched, quality properties that have steady, long-term capital appreciation potential.
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