Institutional Property Advisors Closes 186-Unit Apartment Property Sale in West Hartford Connecticut
WEST HARTFORD, Conn., May 4, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Westgate Apartments, a 186-unit multifamily property in West Hartford, Connecticut.
“West Hartford’s combination of small-town atmosphere and urban intensity makes it an extremely attractive place to live, which in turn creates a large and diverse renter pool for apartment owners to draw from,” said Eric Pentore, IPA first vice president. Victor Nolletti, IPA executive managing director, Pentore and Wes Klockner, IPA senior associate, represented the seller, BFN Westgate LLC, and procured the buyer, ER Properties Fund LLC.
The property is 1.5 miles from West Hartford Center, 10 minutes from Hartford and two hours from New York City. Notable major employers proximate to Westgate Apartments are Jackson Labs, UConn Health, Aetna, Travelers, and UTC Aerospace Systems. The University of Saint Joseph, University of Hartford, UConn School of Law, UConn School of Medicine, and Trinity College are within 15 minutes. Constructed in 1962, the 10-acre, 415,127-square-foot property offers residents studio, one- and two-bedroom floor plans. Amenities include a new fitness center, resort-style pool and sun deck.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com