Done Deals: Beachwold Residential acquires 280-unit Alvista Willow Brook Apartments in Meriden, CT

Thursday, May 13, 2021

Beachwold Residential acquires 280-unit Alvista Willow Brook Apartments in Meriden, CT

Mona Carlton

MIAMI, FL, May 13, 2021 – JLL Capital Markets announced today it arranged a $28.5 million acquisition financing for Alvista Willow Brook, a 180-unit multi-housing property located in Meriden, Connecticut, that will now go by the name The Arlo.

JLL represented the borrower, Beachwold Residential, to secure the acquisition financing through the lender, Sound Point Capital. The Sound Point Capital team was represented by Jordan Heller and Marc Tolchin.

280-unit Alvista Willow Brook Apartments, Meriden, CT
Changed name to The Arlo

The Arlo was built in 2005 and has continuously received upgrades in recent years. The property consists of studio, one- and two-bedroom units boasting open and oversized floorplans.

There are also 12 two-bedroom townhomes at the property. Community amenities include a clubhouse, fitness center, swimming pool, business center and dog park.

Jordan Heller

The Arlo sits at the crossroads of I-91, I-691 and Merritt Parkway, creating excellent regional access.

Meriden is roughly equidistant between New Haven and Hartford, the two largest cities in Connecticut, allowing connectivity to several key employment hubs.

For example, the world headquarters of both Aetna and The Hartford are roughly 21 miles away. The property is also just four miles from Meriden’s downtown area and the Midstate Medical Center, a major 156-bed acute care hospital.

The JLL Capital Markets team was led by Senior Managing Directors Elliott Throne and Mona Carlton, Vice President Alex Staikos and Director Jesse Wright.

“Beachwold was able to secure great acquisition bridge financing at a time when the capital markets started getting incredibly aggressive,” stated Staikos.

Marc Tolchin

“This will enable them to further enhance the asset and its value as they have done at the dozen other assets they own in the surrounding Connecticut market.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge deliver best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement, or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit our newsroom.

Elliott Throne

About Beachwold Residential

Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years.

The firm controls 57 properties and 15,000 multifamily units in Connecticut, Texas, Florida, Georgia, Virginia, Maryland, New Jersey and Tennessee.

About Sound Point Capital Management, LP

Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies.

Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices.

Alex Staikos

Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate.

Sound Point currently manages approximately $25 billion of assets.

Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, an affiliate of Neuberger Berman Group, are strategic investors in our business. For more information, please visit Sound Point's website at www.soundpointcap.com.