#United States #Rocky Hill #Belfonti Companies #Kelson Row

Belfonti Companies Celebrates 95% Occupancy at Kelson Row

Belfonti Companies has announced an impressive achievement with their new development, Kelson Row, located in Rocky Hill, Connecticut, stabilizing at 95% occupancy in just 13 months after the first residents moved in. This notable milestone reflects the growing demand for quality housing in the region.

The Kelson Row project includes 213 residential apartments, complemented by a retail component designed to invigorate the community. Janice Miner, the Chief Operating Officer of MCR Property Management, which manages the property, expressed enthusiasm about the quick leasing success, noting that such a rapid rental stabilization is uncommon in the local market.

"This result is phenomenal compared to other new apartment communities in the area that are currently in their lease-up phase," Miner stated, emphasizing the competitive nature of the housing market in Rocky Hill.

A Collaborative Effort

Developer Michael Belfonti highlighted the essential partnerships that contributed to this development's success. He noted their collaboration with strong retail tenants, signaling plans to lease out the retail spaces soon to provide a well-rounded living experience for residents.

Allan Smith, the Mayor of Rocky Hill, shared the positive implications for the community, stating, "Belfonti Companies, in partnership with the Town of Rocky Hill, has delivered a best-in-class asset. Our focus now is on continuing to drive economic activity and community life as we develop our historic district."

The project represents not just residential living but a vision for an integrated community space that supports local businesses and attracts visitors. This vision aligns with the town's goals of fostering a vibrant economy that benefits both residents and local enterprises.

Financing and Future Prospects

The primary financing of the real estate development was secured from Liberty Bank of Middletown, Connecticut. Christa Smith, Vice President of Commercial Real Estate at Liberty Bank, noted that this development marks the second successful partnership between Liberty Bank and Belfonti Companies, stating, "Both times, the Belfonti team exceeded our expectations. It has been a rewarding partnership for all of us, and we are already looking forward to the next opportunity they bring to us."

About Belfonti Companies

Founded and led by Michael Belfonti, the company has a strong track record in real estate development, investing, and management. With a portfolio worth over two billion dollars, Belfonti Companies has successfully managed millions of square feet of real estate across the U.S. and internationally. Their diverse asset base includes residential communities, commercial office spaces, retail centers, and industrial parks, showcasing their expertise in creating multifaceted real estate opportunities.

As Kelson Row continues to lease up, it stands as a testament to the demand for housing and mixed-use developments in Connecticut. Changing demographics and preferences highlight residents' desires for community-centered living environments, and Belfonti Companies is poised to meet these needs effectively.


For more information, visit Belfonti Companies.