Krohn Sells Highrailer, Boosts New Britain's Downtown

0:00Developer Avner Crone sold a brand new six-story apartment building called the Highrailer in downtown New Britain. The 114-unit property includes 5,600 square feet of ground floor retail space and sits right across from City Hall. Crone and his team at Marcus and Milachap's institutional property advisors announced the deal on Wednesday, though they did not disclose the sale. The buyer is a partnership between New Jersey firms I-NV360 and Reliant Partners who already manage thousands of upscale apartment units across Connecticut. Earlier this year, these same investors bought Crone's nearby 107-unit building, the Brit, for $31.07 million. Crone has fueled New Britain's downtown revival with several projects drawing other developers to the area. Just last month he sold the Andrews, a converted office to apartments property with 20 units for $4.5 million. City officials have welcomed the influx of housing.

1:01Meanwhile, Crone listed a renovated former post office for sale through an online auction starting April 27th with a $1 million. Starting bid, he bought it for $775,000 in 2022 and plans to lease back office space there. Crone remains committed to New Britain after 19 years of buying, improving, and selling properties. He's under contract on a new acquisition and pushing forward on the strand, a planned 100-unit development set for early summer 20, 27, while balancing big builds with quicker renovations for steady cash flow. I'm Corey with the story that's your heart for news today update, AI powered, and always on.