Harbor Group International (HGI) and PB Development have announced a joint venture for the development of Springside Middletown, a 240-unit Class A multifamily community in Middletown, Connecticut. HGI will contribute 80% of the required equity for the development, which has an estimated capitalization of $83.5 million. Upon completion in 2025, HGI will assume ownership and management of Springside Middletown.
Springside offers townhome layouts with one-, two-, and three-bedroom units featuring modern amenities such as co-working spaces within two amenity buildings along with fitness facilities and outdoor recreational areas to meet residents’ needs. Richard Litton, president at HGI noted that despite strong employment opportunities in Middleton there is robust demand for high quality multifamily housing options due to its underdevelopment status – making this their second investment in Connecticut following The Pavilions acquisition located in Manchester earlier this year..
