Flats at 390

Investment Overview

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 units (550 SF) and 26 two-bedroom/two-bath units (700 SF). Eighty-nine of the 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 per month for water, sewer, trash, and amenities. Current one-bedroom rents average $1,572 and two-bedrooms average $1,851. The property has signed a one-bedroom at $1,725 and a two-bedroom at $2,100 with no new capital invested, and the pro forma is set at exactly those achieved rents — every dollar of projected rental upside is proven by an executed lease at the property, not by a comparable. Meriden Place, 107 units delivering immediately adjacent, is leasing at effective all-in costs exceeding $2,100 per month for a one-bedroom, and The Arlo at 211 Pomeroy Avenue is achieving $2,168 on one-bedroom units with no concession — $2,300+ all-in with tenants paying gas and electric separately. The subject's pro forma sits well below both. Three clear value-add levers are available: addressing 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. Meriden's revaluation is complete and the assessment is set through 2030, eliminating reassessment risk for five years. 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 nine minutes away in Wallingford. The Route 8 corridor adds Shelton, Stratford, Milford, and Sikorsky Aircraft within easy commuting range, and the Meriden Amtrak station is three miles away.

Investment Highlights

• Value-Add Opportunity Coupled with Organic Rent Growth
• Immediate Tax Savings | Reval Benefit
• Utility Recovery Opportunity
• Strategic Location | Hartford/New Haven Corridor
• Institutional Scale, Class B Fundamentals, Attractive Basis