Belfonti Companies, LLC Breaks Ground On A New Real Estate Development In Cromwell, CT

Belfonti Companies, LLC | May 05, 2020

Belfonti Companies announces that it has broken ground on a $50 million dollar market-rate, luxury apartment home community in Cromwell, CT.  The new community will be built just off Country Squire Road near Route 372 and it will consist of 160 luxury apartment homes. The project will be constructed in phases, with the apartment homes delivered over the last 10 to 12 months of an 18 to 22 month construction period.  The property's amenities will include a 4,500 square foot community center, an outdoor swimming pool, and an outdoor lounge area with grills and fire pits.  The community will be pet friendly.  "This project will offer a different lifestyle than the existing apartments in Cromwell – a fully amenitized, professionally managed, Class A luxury apartment community," said Michael Belfonti, the founder and CEO of Belfonti Companies.

Spotlight

On the surface, shopping for a home sounds easy enough, but once you get serious about it, things start to get a little more complex, especially if you are buying a home with someone else like your spouse.

Spotlight

On the surface, shopping for a home sounds easy enough, but once you get serious about it, things start to get a little more complex, especially if you are buying a home with someone else like your spouse.

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REAL ESTATE TECHNOLOGY

Quebec Real Estate Record Sale of Penthouse Condominium Breaks

businesswire | January 13, 2021

Sotheby's International Realty Canada today declared the sale of a private residential townhouse at The Ritz-Carlton Residences in Montreal that has set another benchmark as the highest recorded apartment suite sale through the MLS® (Multiple Listing Service) system in Quebec's history. Listed at $12.9 million, the approaching sale takes place as Montreal's land market continues to encounter strong interest and record setting sales movement as the locale's market transitions into 2021. “The Ritz-Carlton Residences Montreal is regarded as being amongst the world’s most prestigious offerings in real estate, and as its ‘crown jewel’, this penthouse is a masterpiece of contemporary architecture, design and engineering,” said Liza Kaufman, listing agent with the Kaufman Group of Sotheby’s International Realty Quebec, who represented both the seller and the buyer in the transaction. “While we captured local and international interest by building bridges and expanding our marketing efforts across the Sotheby’s International Realty network, the property was ultimately purchased by a buyer from the U.S. The sale of this only reinforces Montreal’s position as a desirable destination within the global real estate market. It also reflects the underlying resilience of our city’s luxury condominium market, and the fact that demand for prestigious brands and properties will always be enduring,” Kaufman said. Kaufman previously represented the seller and the purchaser in the sale of a private single family home in Montreal in August 2020 that set the new benchmark as the highest recorded residential property sale through the MLS® (Multiple Listing Service) system in Quebec's history. The 6,979 square foot penthouse is perhaps the most flawlessly curated and made apartments in Montreal. Nicknamed the "Rockstar" by the engineer, the two-story residence was designed to glide over its surroundings with steel and glass construction that invites all encompassing views of the mountains, the Golden Square Mile and the Museum of Fine Arts. The three-room, four-plus-ensuite restroom residence features 5,301 square feet of inside living space. The first floor is committed to social occasion and engaging, and features double lounges with 25 foot ceilings, a conventional lounge area and gourmet specialist's kitchen with steward's wash room and prep zone. This floor also encompasses a guest suite with an ensuite restroom and stroll in closet. A dynamic glass and steel staircase connects the levels perfectly and practically, and a private lift can also be taken to the living quarters above. The highest level includes a luxurious master suite highlighting a master shower and a sitting territory, enormous stroll in closets, high ceilings, impressive views and access to a private patio. The penthouse residence also features 1,678 square feet of expansive open air terraces, as well as access to The Ritz-Carlton Residences' amazing amenities and services, including a state-of-the-craftsmanship spa, fitness focus, valet, attendant, custodian and doorman. “Montreal’s residential real estate market showed great strength throughout 2020,” said Daniel Dagenais, Managing Broker of Sotheby’s International Realty Quebec. “Across both the conventional and luxury real estate markets, we experienced record setting sales this year. In fact, according to the latest statistics released for the Montreal Census Metropolitan area by our real estate board, the median price of residential condominiums was projected to be up well over 10% in 2020.” The record transaction demonstrates solid, underlying demand for luxury condominium property types in key Canadian markets. “In spite of the COVID-19 pandemic, the performance of the Canadian real estate market well surpassed consumer and industry expectations in 2020, signaling strong consumer confidence in our country’s market fundamentals,” said Don Kottick, President and CEO of Sotheby’s International Realty Canada. “While the condominium market is expected to balance in 2021, this record sale illustrates that demand for top-tier luxury condominiums remains substantial. Sold to a U.S. buyer, this transaction also demonstrates that there is significant demand for Canadian real estate from local, national and international buyers.” Favourable mortgage lending conditions and continued stock market uncertainty position Canadian real estate as an attractive and stable investment alternative, Kottick said. Further details of the sale of this estate remain private. About Sotheby's International Realty Canada Combining the world's most prestigious real estate brand with local market knowledge and specialized marketing expertise, Sotheby's International Realty Canada is the leading real estate sales and marketing company for the country's most exceptional properties. With offices in over 30 residential and resort markets nationwide, our professional associates provide the highest caliber of real estate service, unrivalled local and international marketing solutions and a global affiliate sales network of approximately 1,000 offices in 71+ countries and territories to manage the real estate portfolios of discerning clients from around the world.

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REAL ESTATE TECHNOLOGY

Hilco Redevelopment Partners Hires Professional George Needs as Vice President-Mixed Use Development Real Estate Industry

prnewswire | November 05, 2020

Hilco Redevelopment Partners (HRP), the real estate development unit of Hilco Global that remediates and redevelops complex and obsolete industrial properties, announced today it has hired George Needs to the position of Vice President – Mixed Use Development. Mr. Needs joins the growing HRP organization and will be a vital addition to the new urban mixed-use development team. Mr. Needs will join Melissa Schrock, who was recently brought on to lead the team, and together, they will be responsible for managing several exciting projects currently underway, including L Street Station in Boston, Massachusetts and Campus Bay in San Francisco, California, among other significant projects throughout the country. He will be based on Boston, MA.

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REAL ESTATE TECHNOLOGY

Alex. Brown Realty & Continental Realty Group Acquires San Antonio Multifamily Project

businesswire | December 09, 2020

Alex. Earthy colored Realty, Inc. (ABR) and their joint endeavor accomplice, Continental Realty Group, through its auxiliary Continental Realty Assets, Ltd. (CRA), are satisfied to declare the obtaining of Club at Stone Oak Apartments, a 250-unit loft network in San Antonio, Texas. ABR Chesapeake Fund VI, a worth add land reserve supported by ABR, put $7.3 million in the joint endeavor. Inherent 2005, the network incorporates a blend of one-, two-and three-room units with 9' roofs and private porches and overhangs. Comforts incorporate a clubhouse with billiards table, best in class wellness focus, resort-style pool, business focus, outside kitchen, and renting focus. The gated network additionally offers sufficient leaving with withdrew carports, garages, and a vehicle care focus. The joint endeavor designs an essential remodel program for the unit insides and focused on upgrades to the regular territories and pleasantries. “Even given the economic challenges and uncertainties of today, we are believers in the San Antonio market due to its diversified and expanding employment base coupled with the relative affordability and quality of life it has to offer,” said Robert Ireland, CRA’s Managing Director of Investments. “The Club at Stone Oak is a quality asset located within one of San Antonio’s premier submarkets and fits within our investment strategy of providing a quality product at an affordable price to our residents,” added Ireland. “We were pleased when Continental first brought us this off-market opportunity and are excited to be partnering with them,” stated Tom Burton, ABR’s Senior Managing Director and CIO. “Their extensive experience within the multifamily sector should bode well for the asset and provide a positive result for our investors.” Club at Stone Oak represents the first transaction between ABR and CRA.

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