Eden & Main at 37 Eden Ave. in Southington, Connecticut — Courtesy: Kokes Properties
By Joshua Burd
Kokes Properties has closed on its sale of a newly built, 41-unit apartment building in Connecticut, with plans to double down on its growing portfolio at home in New Jersey.
The Brielle-based firm said it completed the disposition of Eden & Main, located at 37 Eden Ave. in Southington, as part of an off-market deal with an affiliate of The Simon Konover Co. The buyer, which had been acting as the site’s property manager since earlier this year, paid an undisclosed price for the age-restricted complex.
“Given Konover’s familiarity with the project and its substantial real estate holdings throughout Connecticut, it made a lot of sense for us to approach them first and gauge their interest level about acquiring the asset,” said Michael J. Kokes, president of Kokes Properties. “This transaction adds a high-quality, Class A property to Konover’s already-impressive multifamily portfolio and provides our firm with a tremendous opportunity to repatriate assets back home as we continue to invest in the rapid expansion of our New Jersey operation.
“Greg Konover and his team demonstrated consummate professionalism throughout the course of the transaction,” Kokes added. “Not all deals turn out to be ‘win-win’ for both parties, but we feel strongly that this one was.”
Construction on the apartments began in fall 2020, creating a collection of one- and two-bedroom apartments within a single building. The community includes a fitness center and community room, with units featuring high-end design and finishes.
“The disposition of the Eden & Main apartment building has put us in prime position to capitalize on some new acquisition and development opportunities we’re seeing locally here in New Jersey,” said Clark McIntyre, Kokes Properties’ vice president of operations. “I want to credit Matt Stephens (vice president of development) with cultivating the firm’s construction and property management divisions over the last two years — both of which I expect will play increasingly important roles in the scaling of our business.
“We believe more investment opportunities will present themselves in the months ahead as rising rates continue to widen bid-ask spreads, and the organic development and maturation of those departments gives us great confidence in our ability to move swiftly once they do.”