Cedar Glen Apartments

Cedar Glen is conveniently situated in Norwich, CT, which sits along The Connecticut Turnpike (395) and Route 2 highways, providing quick and easy access to major metropolitan areas, including Boston, New York, and Providence. Additionally, the New London Ferry, located in nearby New London, provides access to Long Island and other destinations. The Amtrak rail system also services the shoreline area, providing transportation options for residents and visitors alike. Local shopping and dining amenities in Norwich and its surrounding areas are abundant, with several main routes, including Routes 2, 12, and 82, offering numerous shopping centers, restaurants, and grocery stores. The Norwichtown Commons, located on Route 184, provides a variety of shopping options, including major retailers such as Walmart, Home Depot, and Stop & Shop. The area also boasts a variety of local dining establishments, ranging from casual to fine dining, with a diverse selection of cuisines available. The city has a diverse cultural scene, with attractions like the Slater Memorial Museum and Leffingwell House Museum offering glimpses into its art and history. Norwich is also close to Mohegan Sun, a large resort and entertainment destination, making it a hub for both historical and modern-day exploration. Norwich also boasts a vibrant community with local shops, restaurants, and festivals throughout the year, celebrating everything from its rich history to its diverse population. The city’s convenient location, about halfway between Boston and New York City, makes it a desirable spot for those seeking a small-town feel with access to larger metropolitan areas.Northeast Private Client Group is pleased to present Cedar Glen Apartments, a 63-unit, 100% market-rate apartment complex located in Norwich, Connecticut. Constructed in 1971, Cedar Glen Apartments is comprised of four brick and frame buildings of three stories each on 3.08 acres. The property features a unique and ideal unit mix of 14 one-bedroom and 49 two-bedroom apartments. Cedar Glen Apartments is strategically located in a quiet mostly single-family neighborhood within walking distance of Downtown Norwich which offers residents a variety of dining and entertainment options, marinas, and parks along the scenic Yantic River. The property benefits from immediate access to major local employers including Mohegan Sun Casino, Baccus Hospital, Norwich Free Academy, The Social Security Administration, and Norwich Superior Court. Interstate 395 and Route 2 make major regional employers including Electric Boat, Foxwoods Resort, Dominion, Pfizer and US Foods easily commutable. Additional demand drivers include several Universities, the Coast Guard Academy and Naval Submarine Base. Current ownership has maintained and continually upgraded the property but there remains the opportunity to add significant value through improved operational focus. Current ownership has managed the property remotely and in-place rents have lagged the market substantially. Through selective unit upgrades and marking rents to market a new owner can capture over $240,000 in rent upside. Norwich, Connecticut boasts a submarket vacancy rate currently of 3.4% and projected market rent growth of 5.2% (CoStar), ensuring stable growth and durable cash-flow generated by the property.