Kokes Properties Sells Eden & Main Apartments to Focus on NJ Expansion
SOUTHINGTON, CT – Kokes Properties is proud to announce that it has closed on the sale of its newly-constructed, active adult apartment complex within the Eden & Main community in Southington, Connecticut. The building was sold in an off-market transaction to an affiliate of The Simon Konover Company (“Konover”),which had been acting in a property management capacity on Kokes’ behalf since earlier this year.
“Given Konover’s familiarity with the project and its substantial real estate holdings throughout Connecticut, it made a lot of sense for us to approach them first and gauge their interest level about acquiring the asset. This transaction adds a high-quality, Class A property to Konover’s already-impressive multifamily portfolio and provides our firm with a tremendous opportunity to repatriate assets back home as we continue to invest in the rapid expansion of our New Jersey operation,” said Michael J. Kokes, President of Kokes Properties. “Greg Konover and his team demonstrated consummate professionalism throughout the course of the transaction. Not all deals turn out to be ‘win-win’ for both parties, but we feel strongly that this one was,” he added.
“The disposition of the Eden & Main apartment building has put us in prime position to capitalize on some new acquisition & development opportunities we’re seeing locally here in New Jersey.” said Clark McIntyre, Kokes Properties’ Vice President of Operations. “I want to credit Matt Stephens (Vice President of Development) with cultivating the firm’s construction and property management divisions over the last two years – both of which I expect will play increasingly important roles in the scaling of our business. We believe more investment opportunities will present themselves in the months ahead as rising rates continue to widen bid-ask spreads, and the organic development and maturation of those departments gives us great confidence in our ability to move swiftly once they do.”
Kokes Properties is a vertically-integrated real estate development company focused on the acquisition, development, construction, and management of multifamily and self-storage assets in central and southern New Jersey.