WINDSOR STATION INVESTORS OVERVIEW
The purpose of this Confidential Investment Offering Overview is to provide a summary of a possible future private investment opportunity that may be made available to a certain limited number of accredited investors. This is not an offer to sell real estate and/or any type of security, partnership interest, public or otherwise.
The contemplated offering, if made available formally, would provide Investors with the opportunity to acquire an interest in a to-be-built, 130 unit luxury multi-family rental community on 6.5 acres, to be named Windsor Station. The Property is located in Windsor, Connecticut, a charming suburb, just 6 miles from Hartford, Connecticut. The site is directly across the street from the Windsor Commuter Rail Station with active service to Hartford, New Haven, and Springfield, Massachusetts. The apartment community is being developed by Lexington Partners, LLC, LAZ Investments, and SMB Equity, LLC. Lexington Partners, LLC is a Hartford based commercial real estate firm, managed by Martin Kenny. Mr. Kenny has been active in the Connecticut, New England and Florida commercial real estate industry for over 30 years. LAZ Investments, is the investment arm of Alan Lazowski, founder of LAZ Parking. LAZ Parking, based in Hartford, has grown to be the third largest parking company in the United States with revenues of over $800 million. LAZ manages and owns parking facilities in 26 states throughout the country.
Windsor Station will be a top-of-the-line rental community featuring a fitness center, hiking trails, a clubhouse, picnic and recreation areas, and commuter rail access adjacent to the site. The historic Windsor Village Center and its restaurants and shops are all within easy walking distance for the residents of Windsor Station. Residents will also enjoy in-unit washer and dryers, and top finishes and amenities. Windsor, CT is centrally located in Hartford County and is in close proximity to many of Connecticut’s best employers. This includes companies such as The Hartford, Voya Financial, Otis Elevator, Travelers, Pitney Bowes, CIGNA, Metlife, and Kaman Corp; all within 10 to 15 minutes from the Windsor Station community. Additionally, Amazon, Inc. will soon complete construction of a 1 million square foot regional hub in Windsor that will employ 900 workers. Hartford, and neighboring Windsor, is conveniently located approximately 2 hours from New York City and 90 minutes from Boston for easy access.
The Hartford, CT apartment market has remained exceptionally strong over the last few years with respect to occupancy, rental rates, and in the past six months new construction activity has increased as new apartment demand continues to surge. REIS Reports announced in December 2013 that the Hartford area had the 6th highest apartment occupancy rate in the country, The Hartford Metro Market is currently at 97.2% occupancy in a market that reports a total of about 38,000 apartments. REIS Reports projected an average occupancy rate of 95.7% for the next five years, when factoring in the nearly 3,000 apartments under construction in the Hartford area. It is important to note that only approximately 11% of Hartford’s inventory of 38,000 apartments were built after 1990, which bodes very well for new, well-designed apartments located in areas such as Windsor.
The Windsor Station site consists of approximately 6.5 acres near the Amtrak Springfield Line and is on Mechanic Street. The neighboring Windsor Center River Trail is a 1.3 mile paved multi-use trail that begins at Mechanic Street and extends north. The assets of Windsor are considerable, including adjacency to rail transit, excellent employment and shopping access and views featuring the nearby nature preserve. There have been no new multi-family rentals constructed for more than three decades in Windsor. The proposed Windsor Station site has prime access to local and regional employment centers, and Windsor’s historic downtown, shopping and entertainment. Bradley International Airport is only 6 miles northwest. CT Transit bus service provides regular weekday services.