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Bloomfield's Heirloom apts. sold at $61M

BY Gregory Seay

1/4/2019
Photo | Contributed
Photo | Contributed
Bloomfield's newest luxury apartment, Heirloom Flats, opened with 215 units and laden with amenities, including a pool, a golf driving simulator and clubhouse. Proximity to the town's center shops and restaurants was a bonus, the developer says.
Heirloom Flats, Bloomfield's newest 215-unit luxury apartment community that debuted barely a year ago, has been sold to a New York investor for $61 million, town officials say.

Fairfield developer Post Road Residential closed the sale just before the new year to New York buyer RV VI Heirloom LLC, according to Bloomfield town records.

Town Planner/Economic Development Director Jose Giner said Friday that, just before the sale, only four of Heirloom's units were available -- pegging occupancy at about 98 percent.

Giner hailed the sale as "a great vote of confidence in our Town Center.''

Located at 700 Bloomfield Ave., between Jerome Avenue, the amenity-laden Heirloom occupies parcels the developer assembled for the project. Heirloom began leasing its first units last spring.

Heirloom was the first of a pre-approved, three-phase redevelopment scheme that calls for 415 apartments total to be built on parcels abutting Bloomfield and Jerome Avenues, Giner said.

Phase 2 design work is underway, he said, for 48 units on Bloomfield Avenue, across from Town Hall. Phase 3 would create 152 more apartments on Jerome Avenue, opposite Heirloom, he said.

According to town records, Heirloom's sale generated $307,500 in conveyance taxes/fees for the town; and $461,250 to the state.

The luxury-apartment sale is but the latest in a series of pending or ongoing construction and redevelopment projects in town.

Off Park Avenue, the town is building its new community center, an approximately $21 million project set for completion by early summer, Giner said.

Along Griffin Road South, in the town's northern end, near the Windsor line, the Capital Region Education Council is building a new grade K-8 school, he said. The Ana Grace Academy of the Arts Elementary Magnet School is named for a victim of the Sandy Hook School massacre in Newtown.

Also in the north end, on West Newberry Road, development of a large commercial warehouse has gotten town approval, Giner said.

A 2 Douglas St., near Cottage Grove Road, plans are underway to convert the former home of precision-parts maker Deringer-Ney into an indoor-outdoor storage facility, Giner said. Deringer-Ney has since occupied a newer, larger facility at 353 Woodland Ave.

Finally, at 470-480 Cottage Grove Road ground has been broken on the former Valco Machine Co. site for a 39-unit specialty housing development.

Its sponsors are Favarh The ARC of the Farmington Valley, a Canton nonprofit provider of supportive services to people with intellectual and developmental disabilities and their families, and Northeast housing developer Regan Development of New York.

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