IPA Exclusively Offers Two Hartford County Multifamily Assets for Sale
November 16, 2017
NEW BRITAIN, Conn., Nov. 16, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces that the firm is the exclusive listing agent in the marketing for sale of Normandy Heights Apartments and Fairway Apartments in New Britain, Connecticut. The properties are being offered free and clear of existing debt and may be purchased together or individually. The list price for the portfolio is $29.1 million.
“These two multifamily assets provide excellent options for renters seeking quality housing at a discount to pricier options in nearby suburbs such as West Hartford, Farmington, and Avon,” says Victor Nolletti, senior managing director leading IPA’s Northeast team. “Both properties have received outstanding care and many improvements over the past 20 years and will provide new ownership with a significant opportunity to add value by implementing a strategic unit renovation plan that will maintain the communities’ affordable position in the market, while reducing the current pricing gap.”
The apartment complexes are located close to Route 9, with direct access to interstates 84, 91, the Berlin Turnpike, routes 5 and 15. Major area employers include Stanley Black & Decker Inc., United Technologies, ESPN, Hartford Life, Aetna, Pratt & Whitney, Amazon, and The Jackson Laboratory. Nearby retail is available at West Hartford Center and Blue Back Square.
Normandy Heights is a 150-unit apartment property constructed in 1987 on 5.7 acres off Brittany Farms Road. The average unit size is 934 square feet. Fairway Apartments was constructed in 1973, is adjacent to the Stanley Golf Course, and many units have golf course views. The 114 studio/junior one-bedroom apartments are between 625 square feet and 650 square feet.