IPA Arranges $21M Sale of CT Community
- Aug 27, 2018
Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Westwood Apartments, a six-building multifamily community in West Hartford, Conn., for $20.9 million. This property is the largest market-rate asset in the city by number of units.
Located at 106 Kane St., the community features 200 one- and two-bedroom apartments, ranging from 803 to 1,130 square feet. According to Yardi Matrix, the last recorded sale of the asset was in July 1998, when Westside Property Management acquired Westwood for $6.7 million from Goldman Sachs $ Co. As of July 2018, the 1971-built community had a recorded occupancy rate of 90 percent. Features include fireplaces, private balcony/patios, ceramic tile bathrooms, 388 parking spaces, a swimming pool, a clubhouse, nine laundry facilities and a fitness center.
IPA’s First Vice President Eric Pentore, Senior Managing Director Victor Nolletti and Senior Associate Wes Klockner represented the seller, Westwood Apartments LLC, and procured the buyer, CS Acquisition Group LLC.
“Westwood Apartments represented a significant value-add opportunity in one of the most desirable rental markets in the Northeast,” said Pentore, in a prepared statement. “A lack of value-add opportunities nationwide results in a competitive acquisition climate when these properties come to market, especially in highly sought-after areas like West Hartford.”
Just last month, IPA arranged the $26.9 million sale of The Arbors at Brighton Park, a community in Bloomfield, Conn. The property sold to an affiliate of Paredim Partners.
Image courtesy of Institutional Property Advisors