Windsor Apartments Sold For $76.1M, New Owners Plan Upgrades

WINDSOR, CT — A 432-unit apartment complex in Windsor has sold for $76.1 million and is now undergoing a rebranding and multimillion-dollar upgrade under new ownership and management.

Land records show the former Rivers Bend Condos at 1 Phaeton St. were sold by entities tied to Yshia David Willner, a New York-based multifamily investor. The buyer is affiliated with JSB Capital Group and Charger Ventures, both based in Maryland.

As part of the transaction, a $64.85 million mortgage was recorded. The loan was provided by Ladder Capital Finance LLC.

The property, now rebranded as Spark Windsor, spans about 81 to 82 acres and was built in the mid-1970s. It consists of 33 one- and two-story buildings with 324 two-bedroom townhome-style rental units and 108 one-bedroom garden-style apartments, featuring direct-entry floor plans.

Dolben, a property management company with offices in Massachusetts and Maryland, has assumed management of the community. The assignment marks Dolben’s third management partnership with Charger Ventures.

More than $8 million in capital improvements are planned over the coming years. The work is expected to include replacing sliding doors and windows, interior renovations with updated flooring and kitchen upgrades, installation of washers and dryers in every home, and addressing deferred maintenance. Landscaping improvements, clubhouse and amenity upgrades, and broader property-wide updates are also planned.

Amenities include a 24-hour fitness center, clubroom, coworking space, swimming pool, playground, dog park, walking trails, a riverside picnic area and access to the Farmington River and Connecticut River. The property is located just off Interstate 91 between Hartford and Springfield and is less than 15 minutes from Bradley International Airport.

The property was marketed by Institutional Property Advisors, a division of Marcus & Millichap. It went under contract in less than a month and closed within 120 days.

In 2019, 384 units of the complex sold for $47.2 million. The prior ownership group later acquired the remaining 48 units, consolidating full ownership before this latest sale.