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IPA Sells Hartford County Multifamily Asset for $24 Million

December 11, 2018

AVON, Conn., Dec. 11, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announced today the sale of 164-unit Avon Place Apartments, part of 188-unit Avon Place Condominiums. Located in the Farmington Valley town of Avon in Hartford County, Connecticut, the apartments sold for $24 million.

            “Intimate knowledge of the Hartford County marketplace and prior experience handling fractured condo executions were extremely helpful in closing this transaction,” said Victor Nolletti, senior managing director leading IPA’s Northeast team. “Avon is a desirable high-barrier-to-entry suburban location with an award-winning school system in proximity to major area employment drivers and West Hartford Center, one of New England’s premier lifestyle centers,” added Eric Pentore, IPA first vice president.

Nolletti, Pentore, and Wes Klockner, senior associate with Marcus & Millichap, exclusively represented the seller and procured the buyer, The Clairmont Group LLC.

            Avon Place is situated in a campus-like setting near Connecticut Route 44, which connects the Farmington Valley to West Hartford and Downtown Hartford. The area’s major employers include Aetna Inc., Amazon, The Hartford Financial Services Group Inc., Pratt & Whitney, 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.

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