Elmsford-Based Firm Acquires New Haven, CT Multifamily
Real Estate In-Depth | April 28, 2022
NEW HAVEN, CT—An affiliate of Paredim Partners LLC, which is headquartered in Elmsford, has acquired The Taft Apartments, a landmark apartment and commercial property in New Haven, CT.
Situated across from Yale’s Old Campus and the historic New Haven Green, this landmark 14-story building contains 194 studio, one and two-bedroom homes with commanding views of the city. The property also features several of the city’s premier restaurant and nightlife venues. Paredim Partners announced the deal on April 27.
The property sold for $52.5 million, according to a published report in New Haven Biz, which cited city records for the transaction’s value. The property was sold by Taft Realty Associates.
“We are very pleased to add The Taft to Paredim’s fantastic portfolio of New Haven apartment communities and were attracted by the outstanding Yale centric location in the middle of New Haven’s most vibrant 24/7 neighborhood” said David Parisier, Managing Director of Paredim, an owner operator of multifamily properties in the Northeastern United States. “We plan to return this special property to its position as the premier boutique residential property in the area and to enhance its aesthetics and amenity offerings via targeted upgrades.”
Originally built as the iconic Taft Hotel in 1912, the property was converted to multifamily apartments in 1978 and retains many of its unique original historic exterior and interior features and offers residents a number of flexible floor plans and layouts, each with fantastic light and panoramic views across the Long Island Sound. The building contains a few amenities, which Paredim plans to upgrade and modernize to meet the demands of New havens expanding renter population.
The Taft caters to a mix of professional, graduate and medical school students and research professionals affiliated with or employed at Yale, New Haven Hospital and the surrounding businesses. In addition to the significant presence of The University and Hospital, New Haven has emerged as a biotech hub. It is ranked as the 13th best city for biotech venture funding in the country, with more than 1.5 million square feet of dedicated buildings housing nearly 40 biotech firms, located just blocks away from The Taft.