Merion acquired The Ledges, a 339 unit, Class-A, garden style multifamily unit apartment community in Groton, Connecticut. The property was purchased for $60 million, or $177,000 per unit. The community was constructed in 2003 and is in good physical condition. Located near the Thames River and proximate to Interstate 95, the property provides easy access to Hartford, New Haven, Rhode Island, and Boston. The U.S. Naval Submarine base is located in Groton and employs 33,000 plus service men and women. Various employers are expanding in the area in response to the Navy’s submarine needs over the next two decades. Merion’s business plan focuses on improving the physical asset with a remodel of all common interior corridors, LED lighting retrofits, pool and clubhouse upgrades, parking lot refresh, and an interior upgrade capital improvement program. Merion’s strategy is to renovate 190 units over the next three years while concurrently implementing a revenue management system to best pace and regulate the upgrades to optimize premiums.