A New Jersey-based real estate investor recently bought a 67-unit apartment complex in Manchester, Connecticut, for $12 million.
The purchase, recorded in a deed on July 19, involved two limited liability companies connected to CUE Residential, which bought the property from two limited liability companies linked to FPA Multifamily, the Hartford Business Journal reported.
Known as Charles Place, the 11-building complex was built in 1965 on 10 acres along Charles Drive. The apartment units are designed in a townhouse-style with two bedrooms and one and a half baths.
Noteworthy amenities include washers, dryers, fireplaces, private patios, and decks. Institutional Property Advisors,, a division of Marcus & Millichap, facilitated the transaction as the listing broker.
Victor Nolletti, IPA’s executive managing director of investments, highlighted Connecticut’s continued appeal for multifamily investment despite a slight slowdown due to interest rate volatility. Nolletti, along with Eric Pentore, IPA’s senior vice president of investments, represented the seller in the deal.
Charles Place’s strategic location offers accessibility from multiple highways and proximity to downtown Hartford, with its employment hubs. The multifamily vacancy rate in Manchester reportedly stands at less than 3 percent, indicating a competitive market in the area. This transaction underscores the ongoing interest in Connecticut’s multifamily real estate market despite market fluctuations.
It’s not the only multifamily complex to be sold in Manchester, Connecticut, recently.
In July, Los Angeles-based investment and management company Afton Properties bought The Place at Catherine’s Way, a 303-unit Manchester apartment complex for $71 million, the Hartford Business Journal reported.
It’s Afton’s first foray into The Nutmeg State’s market since the company was established in 2016.
The 31-acre property, which is composed of one-, two-, and three-bedroom apartments, previously changed hands in 2015 for $50 million, the outlet reported.
The sale translated to approximately $234,00 per unit.
Built in 1998, the apartment complex features 11 buildings with all units being offered at market rates.
— Ted Glanzer