WILLIMANTIC: An 84-unit apartment building located at 560 Main Street was sold for $5.5 million ($65,476 per unit). The property known as 560 on Main was once the historic Willimantic Thread Mill before being restored into 84 loft apartments in 2011.
Rich and Kurt Cawley of , United Multi Family (UMF) brokered the sale with financing provided by Freddie Mac through CBRE.
Overlooking the Willimantic Falls, the property consists of 10 two-bedrooms, 10 one-bedrooms with a den,19 one-bedrooms and 45 studios. The units range in size from 700 to 1,360 square foot. Amenities include a fitness center, community room with pool tables, wifi and flat screen televisions, on-site laundry and parking. The CAP rate at the time of sale was 7.74% with the property having a gross annual income of $789,960.