Paredim Partners purchases The Spinnaker Milford portfolio
Paredim Partners LLC, an owner/operator of multi-family properties in the Northeastern United States, announces the acquisition of The Spinnaker Milford portfolio, a collection of 10 boutique apartment communities with 49,000 square feet of downtown commercial and retail space in Milford.
The portfolio is integrated into the Downtown Milford landscape, providing access and views of the Milford Harbor as well as walkability to Milford’s retail core and Metro-North train station.
“We are very pleased to add this excellent collection of boutique properties to Paredim’s portfolio of market leading apartment communities and were attracted by the outstanding Downtown Milford locations in the middle of one of the New Haven area’s most vibrant neighborhoods” said David Parisier, managing director of Paredim. “We plan to continue to position the portfolio as the premier boutique residential communities in the area and to enhance its aesthetics and amenity offerings via targeted unit and amenity upgrades.”
The Spinnaker Milford portfolio comprises 10 apartment communities developed between 1997 and 2012, all within ½ mile of each other. Four of the properties include a mix of urban retail, restaurant and professional spaces with visibility in central downtown locations.
The portfolio also is close to Sikorsky Aircraft, BIC, Subway Corporation, Schick and numerous regional law firms. In addition to the built-in local employment base, the location draws renters from nearby New Haven, with Yale University, Yale New Haven Hospital and the newly emerging biotech employers that have resulted in the area being, ranked the 13th best city for biotech venture funding in the country.