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Developer Avner Krohn has announced the sale of “The Brit,” a 107-unit, mixed-use apartment building he completed in downtown New Britain in 2024.

Krohn, on Friday, said the property had been sold to a joint venture between INV360 and Reliant Partners. Both firms are based in Lakewood, New Jersey. Together, the partners own a sizable portfolio of upscale apartment properties in Connecticut, Krohn said.

As of Friday, a deed had not yet been recorded in the New Britain online land records. Krohn said he would leave disclosure of the purchase price to the buyers. A representative for one of the buyers declined to share the sale price.

The Brit is a six-story, apartment building at 267 Main St., developed at a cost of about $25 million on the former site of Burritt Bank. The first tenants moved into the building in August 2024, and Krohn said it is now about 75% occupied. The property also includes 5,450 square feet of first-floor restaurant space that remains available for lease.

Krohn, who leads Jasko Development, has been among the most active developers in downtown New Britain in recent years. In addition to The Brit, he has two other large-scale apartment projects underway in the city, along with developments in East Hartford and Bloomfield.

Krohn said he sold The Brit and is negotiating the sale of another, unspecified New Britain property to the Lakewood partnership to generate capital for other projects. He added that finding the right long-term owner was an important consideration.

“We are highly vested in New Britain and in the community,” Krohn said. “Selling off some assets that we developed just creates some liquidity to continue to develop the projects we are committed to in the city.”

Krohn said he expects the buyers to hold The Brit for a “very long time” and to make additional investments locally.

“Who we are selling to is very important – that there is a real professional management group in place and that there’s someone who is going to be a good steward,” Krohn said.

Sol Katz, managing partner and chief investment officer of Reliant, described the firm as the real estate arm of Shimon Jacobovitz’s private family office. He said INV360 is a private equity firm focused on business turnarounds as well as real estate investments.

“New Britain benefits from the Greater Hartford area’s revitalization and we love the location as an up-and-coming alternative to Hartford,” Katz wrote in an emailed response to questions. “We have friends moving into the area from New York City and are excited about supporting that quiet but sturdy growth. We have enjoyed meeting and transacting with Avner and have discussed the idea of working together in the future in various capacities.”
Katz said the new owners plan to introduce operational efficiencies and cultivate a distinctive lifestyle offering at The Brit.

Meanwhile, Krohn said he has a busy year ahead.

He is nearing completion of “The Highrailer,” a 114-unit apartment building at 283 Main St. in New Britain, on the former site of Amato’s Toy & Hobby. The project includes about 6,000 square feet of restaurant and retail space and was previously reported to have a $26 million budget.

Krohn is also developing a 100-unit apartment building on a downtown New Britain site that once housed the Strand Theater. Elevator shafts have been installed, and structural steel is expected to be erected within weeks, he said. That project’s budget was previously reported at $25.5 million.

In Bloomfield, Jasko has launched the second phase of the Residences at Wash Brook, following completion of a 111-unit apartment building in 2023. The new phase adds a 40-unit building and includes 8,000 square feet of amenity space.

Later this year, Krohn, partnered with developer Brian Zelman, plans to begin construction of an amenity-rich, 402-unit apartment complex off Silver Lane in East Hartford. The partners took control of the 25-acre, town-owned site last June.

All permits and financing are in place for the “Concourse Park” project, Krohn said. Construction is pending completion of about $10 million in state-funded utility work being coordinated by the Capital Region Development Authority. The work will bring power, water and a roadway into the site as part of a development incentive package.