Flats at 390

Meriden sits at the geographic center of the Hartford/New Haven corridor with direct access to I-91, I-691, and the Merritt Parkway. Hartford and New Haven are each approximately 20 to 25 minutes by car. The Meriden Amtrak station, three miles from the property, provides rail access to both cities. The employment base draws from two major ecosystems. Greater New Haven anchors from the south through Yale, Yale New Haven Health, and a growing life sciences sector. Greater Hartford anchors from the north with state government, insurance, and financial services. The Route 8 and Naugatuck Valley corridor extends the trade area westward to Shelton, Stratford, Milford, and Sikorsky Aircraft. Locally, Meriden's Research Parkway corridor and Midstate Medical Center four miles away round out the demand picture. The immediate submarket has absorbed significant new multifamily supply at effective all-in rents of $2,100 to $2,700+ per month, with Meriden Place (107 units, adjacent, 2025), Pomeroy Place (42 units, 2025), and The Arlo all operating within close proximity. New construction and renovated older product pricing validates sustained demand and defines a clear ceiling above current in-place rents at the subject. Meriden offers 24 municipal parks and approximately 3,000 acres of open space, including the 1,800-acre Hubbard Park and a dedicated linear trail network, amenities that resonate with the workforce renter demographic the property serves.Northeast Private Client Group is pleased to present Flats at 390, a 106-unit multifamily community at 390 Bee Street in Meriden, Connecticut. The property comprises wood-frame buildings on 3.6 acres along the Meriden/Wallingford line, built in 1991. The unit mix is 80 one-bedroom/one-bath (550 SF) and 26 two bedroom/two-bath (700 SF). 89 of 106 units have been renovated, with the remaining 17 classic units representing an identifiable value-add runway on turnover. All utilities are included in tenant rents, a meaningful differentiator in a submarket where new construction requires tenants to pay gas and electric directly, plus mandatory fees of $77–$150/month for water, sewer, trash, and amenities. Meriden's revaluation is complete and the assessment set through 2030, eliminating reassessment risk for five years. Current one-bedroom rents average $1,570 while the property recently signed a onebedroom at $1,725 with no capital invested. Meriden Place, 107 units delivering immediately adjacent, is leasing at effective all-in costs exceeding $2,100/month for a one-bedroom. The Arlo at 211 Pomeroy Avenue, a 2005 vintage renovated property, is achieving $2,168 on 1BR units with no concession – with tenants paying gas and electric separately, that is $2,300+ all-in. Three clear value-add levers are available: addressing the utilities by sub-metering the $183,000 electric expense for roughly $160,000 of NOI, or keeping utilities included and attacking the expense through available HVAC efficiency incentives; charging for parking, free today despite genuine demand, at roughly $31,800 annually; and a capital program covering cosmetics, paving, landscaping, and exterior work to push rents beyond pro forma. Tenant demand draws from Greater New Haven to the south (Yale, Yale New Haven Health, life sciences) and Greater Hartford to the north, with additional meaningful employment adjacent along Research Parkway including an Amazon facility 9 minutes away in Wallingford, while the Route 8 corridor adds Shelton, Stratford, Milford, and Sikorsky Aircraft within easy commuting range. The Meriden Amtrak station is three miles away.