MIDDLETOWN, Conn., May 10, 2023 -- Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, and PB Development today announced the joint venture for the ground-up development of Springside Middletown ("Springside" or the "Property"), a 240-unit Class A multifamily community in Middletown, Conn. HGI will contribute 80% of the required common equity for the development. The total capitalization for the development is approximately $83.5 million. Upon completion, expected in 2025, HGI will assume ownership and management of the community.
Springside will be located within two miles of downtown Middleton. The city's equidistant location between Hartford and New Haven, and proximity to Interstates 91, 84 and 95, will offer residents convenient access to central Connecticut's diverse employment base and universities. Employers in the area span major insurance, healthcare, aerospace and manufacturing companies, including Prudential, Pratt & Whitney, GKN Aerospace Services Structures, Pegasus Manufacturing, Wesleyan University and ESPN.
"Despite strong employment opportunities in the region, Middleton has been largely underdeveloped, creating robust demand for high-quality multifamily housing options in the area," said Richard Litton, President, HGI. "With the market's favorable supply and demand fundamentals, we look forward to partnering with PB Development to deliver the modern housing Middleton's residents are seeking."
Springside will feature townhome layouts and a 4-story building comprising of one, two and three-bedroom units with an average size of 1,020 square feet. Unit interiors will offer stainless steel appliances, washer and dryer machines, quartz countertops and premium closet organization systems.
Springside will also feature two unique community amenity buildings totaling over 11,000 square feet. Designed by Beinfield Architecture, the Club Building will include extensive co-working spaces, a spacious naturally-lit great room, a coffee bar, and a state-of-the art package management system. The Recreation Building will include a high-end fitness center outfitted by Peloton and Precor, yoga and spin studios, a climbing wall and golf simulator room. The grounds will also include a pool with an outdoor bar, grill stations and cabanas, a bocce court, pickleball courts, dog park, playground and extensive walking trails.
The joint venture underscores HGI's commitment to ground-up multifamily development and follows HGI's recent exit of Lumen Apartments, a 300-unit property in Hampton, Virginia, and Bridgewater, a 252-unit property in Myrtle Beach, South Carolina. Both were joint ventures with local developers.
Springside is HGI's second investment in Connecticut in the last four months, following the acquisition of The Pavilions in nearby Manchester in December 2022.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.
About PB Development
PB Development is a real estate development firm led by principles Bob Dale, Jeffrey Albert and Jake O'Donnell. The principles have over 60 years of experience developing premier residential development throughout the Northeast. Most recently, the firm developed the 199-unit Woodside Trumbull apartment community in Trumbull, CT.