Mandy Buys Albertus Student Housing For $7.4M

Tapping ​“the current advantageous real estate market,” Albertus Magnus College has sold 20 units of student housing and related office and meeting space for $7.4 million to an affiliate of Mandy Management — and has entered into a long-term lease with the local megalandlord to preserve the property for school use.

According to the city’s land records database, on Nov. 17, a Mandy-affiliated holding company called ABCD 490 Prospect LLC purchased 490 Prospect St. from Albertus Magnus College for $7.4 million.

The 1.38-acre Prospect Hill property contains three different buildings: a brick mansion-turned-10-unit apartment-style building, a 10-unit dormitory-style building, and a single-story commercial building.

Albertus Magnus, a liberal-arts Catholic college whose main campus sits a few blocks north of 490 Prospect, purchased the three-building property for $5 million in 2019 from the Overseas Ministries Studies Center and converted the site into student housing and school office and meeting space. The city most recently appraised the property for tax purposes as worth $4,035,500.

According to representatives from both Albertus Magnus and Mandy Management, 490 Prospect’s 20 units of student housing will remain as student housing thanks to a long-term lease between the school and the landlord.

“In fall 2019, Albertus Magnus College enrolled the largest incoming class in its history, which forecasted a possible shortage in housing capacity,” Albertus Magnus College Vice President for Finance and Administration Lauri Strimkovsky told the Independent in an email comment. 

“To address short- and longer-term housing needs, in advance of the arrival of that class, the College purchased the property at 490 Prospect Street. The housing units at 490 continue to serve Albertus well, but with the current advantageous real estate market, our analyses determined it made good sense to sell it and enter into a long-term lease agreement with the new owners as part of our ongoing strategic and financial planning.”

Mandy Management CEO Yudi Gurevitch — whose company is one of the city’s largest private landlords, controlling more than 4,000 apartments across roughly 800 buildings in New Haven and surrounding towns — offered a similar explanation when asked for this article about this latest property deal.

“Our strategic decision to acquire 490 Prospect Street and a long-term sale-lease back arrangement with Albertus Magnus underscores our continued interest and dedication to investing in the city of New Haven. The buildings will remain as dorms, meeting rooms and offices,” Gurevitch wrote.

He continued: ​“We’re excited about being in the historic Prospect Hill area, a location steeped in history and featuring a mix of residential and institutional buildings with period architectural styles — a great example of New Haven’s unique character.

“In 2019, Albertus Magnus acquired and revitalized three vacant buildings, and transformed them into a modern apartment-style residence hall. Investment in adaptive reuse projects like this not only enhances their student’s experience but also breathes new life into the community, and we’re delighted to be part of this.

“Partnering with Albertus Magnus as they implement their growth plans, a pivotal element of their upcoming Centennial Celebration in 2025, aligns with our company’s values. We look forward to helping them meet their growth objectives and are delighted to be part of their continued evolution and progress in New Haven.”