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Apartments > 204 Flax Hill

Background

In the 1890s, a Victorian mansion and carriage house were built on top of Norwalk’s Flax Hill with a view of Long Island Sound in the distance. In the early 1970s the buildings were segmented into individual apartments that retained many of their 19th century detail, including exquisite hand-crafted railings, crown moldings, and wainscoting. A three story garden building was added shortly thereafter by the prior owners, a father & son team who together managed the property for nearly fifty years. 

Story

The Flax Hill property is a strategically located 35-unit, 3-building complex near mass transit and major highways in the city of Norwalk, CT. Our purchase price is substantially less than the original ask and much less than the recently appraised value per unit on comparable buildings nearby. 

There are several opportunities to create value in this investment. The rents can be raised to match the market—especially compared to our nearby apartments. The heating costs can be lowered by converting from owner-paid oil to less expensive gas covered by residents. The operating costs can also be reduced. With these value creation opportunities and a lower threshold for initial renovation requirements, Flax Hill is a shining example of the type of project that Workforce Partners continues to successfully capitalize on.

Highlights

Location204 Flax Hill
City & StateNorwalk, CT
# of Units35
Year Purchased2016