For Sale: 210-Unit Multifamily

Stalking Horse Overbid Auction: Bid Deadline November 3rd * Auction November 5th. Minimum Overbid $63,750,000, plus assumption of the $3,541,000 PACE Loan and any other consideration to be provided. Covered Bridge Newtown has retained Keen-Summit Capital Partners LLC as its exclusive marketing agent and real estate broker in its Chapter 11 Bankruptcy for the sale of the real property. The property features 210 total units across seven 3-story buildings (30 units each) with one-, two- and three-bedroom layouts on 21.5 acres. There are 168 market-rate and 42 affordable units restricted to 80% AMI for 30 years. Six buildings are complete and the final building is 80% complete. Amenities include a clubhouse with a fitness center, community room and adjacent pool. The complex is located in an Incentive Housing Overlay Zone (IHOZ-10), requiring 20% of units to remain affordable for 30 years as a condition for the certificate of occupancy and is conveniently located near Exit 9 on I-84. Subject to bankruptcy court approval.