IPA Exclusively Offers Hartford County Value-Add Opportunity
November 27, 2017
AVON, Conn., Nov. 27, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces it has been awarded the exclusive listing for Avon Place: 164 units of a 188-unit, four-building condominium complex in Avon, Connecticut. The price is open bid.
“Avon Place’s large, well-designed units are prime for the implementation of a significant value-add program,” says Victor Nolletti, senior managing director leading IPA’s Northeast team. “The property’s existing community amenity space and location support much stronger rents. Post-renovation, the asset will maintain its highly competitive position in the marketplace and minimize the pricing gap between renovated vintage product and new luxury construction.”
Nolletti and Eric Pentore, first vice president investments, are representing the seller.
“Avon is an exceptional municipality that provides residents with an excellent quality of life highlighted by an abundance of recreational options, easy access to major employment centers and a highly regarded educational system,” adds Pentore. “The mean annual family income in Avon is $186,289—one of the highest in Connecticut and the entire Northeast—and the median home value is greater than $344,000.”
The community is located off Waterville Road/Connecticut Route 10 in Avon near Avon Mountain Road/Connecticut Route 44, which connects the Farmington Valley to employment and recreational attractions in West Hartford and Downtown Hartford. Major employers in the area include The Hartford Financial Services Group Inc., Aetna Inc., Pratt & Whitney, Amazon, Stanley Black & Decker Inc., and the University of Connecticut Health Center.
Built in 1973 on more than 46 acres, Avon Place is composed of three brick residential buildings and a clubhouse. The average unit size is 1,165 square feet.