Acquires Merion Stratford

Merion Stratford is a 130 unit Class A apartment community located in the quiet bedroom community of Stratford, Connecticut within affluent Fairfield County. Merion Stratford is located within minutes of both I-95 and the Merritt Parkway and affords residents convenient access to New Haven, Norwalk and Stamford employment centers, which includes major employers Sikorsky Aircraft, Bic, Subway, PerkinElmer and Pitney Bowes. The property is within eight miles of another 2020 acquisition by Merion called Merion Riverwalk. This 250 unit property was built in 2013 by the same owner/developer and was previously operated under a shared on-site team. Both properties will benefit from the sharing of employees, vendors, contractors and marketing sources. Built in 2014, the community consists of five garden style buildings with several separate detached garage and carport structures. With only 130 units, the property is exceptionally well-amenitized with a large clubhouse, 24 hour fitness center, heated swimming pool, several BBQ grill areas, a children’s playground and Amazon package hub. The property consists of one, two and three bedroom floor plans with an average of 1,139sf, which is well suited for the area’s clientele. While the property is only six years old, there is an opportunity to refresh the amenity areas and clubhouse and implement an interior upgrade program, which will include adding granite countertops, stainless steel appliances, luxury vinyl flooring in all common spaces and upgrading the window blinds and lighting throughout the apartments. Merion projects these renovations will achieve an estimated rent premium of $127 per month. This is the third Connecticut investment for Merion Realty Partners.