Value-Add Connecticut Asset Changes Hands

The buyer assumed the outstanding balance of a $12.3 million Fannie Mae loan.

MLK Real Estate Capital, in partnership with Navarino Property Group, has acquired Manor House, a 125-unit multifamily community in Bloomfield, Conn. The Bluestone Group sold the property for $18.8 million, according to Yardi Matrix information. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

In 2020 the asset became subject to a $12.3 million Fannie Mae loan with a 3.74 percent fixed interest rate, originated by Capital One, the same data source shows. The buyer assumed the outstanding balance of the 12-year note.

Completed in 1963, the garden-style property comprises 11 two-story buildings with one- and two-bedroom floorplans ranging from 705 to 870 square feet. The community includes 140 parking spaces, as well as a tennis court and laundry facilities.

Located at 14 Revere Drive, the 15.3-acre Manor House has direct access to Highway 178. The community is some 7 miles from Hartford, Conn., and 12 miles from Bradley International Airport. Copaco Shopping Center is less than 2 miles away.

Value-add assets drive demand

IPA Executive Managing Director Victor Nolletti and Senior Vice President Eric Pentore, along with First Vice President Wes Klockner and Associate Ross Friedel, represented the seller in the deal. In prepared remarks, Nolletti stated that assets with assumable financing at favorable terms and value-add potential experience particularly high demand in the current environment.

Throughout 2023, a total of 17 properties exceeding 50 units traded in the Bridgeport-New Haven market, according to Yardi Matrix information. Deals involved more than 2,400 residences and the investment volume reached nearly $126 million. The average price per unit stood at $136,165, a 44.2 percent decrease from the value recorded in 2022.

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