Institutional Property Advisors Brokers Sale of Hartford County Condominiums
WETHERSFIELD, Conn., Dec. 15, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Folly Brook Manor, a 184-unit property.
“Historically an investor-owned condominium rental housing, Folly Brook Manor is now wholly owned by one entity,” said Eric Pentore, IPA first vice president of investments. “Wethersfield is a highly desirable suburban Hartford municipality, proximate to major area employment drivers, a strong education system and excellent overall quality of life. The town’s average annual household income is $108,251. Wethersfield will continue to be a highly desirable option for those seeking lower-density housing.” IPA’s Pentore, Victor Nolletti, and Wes Klockner represented the seller and procured the buyer.
The property is located minutes from the Berlin Turnpike, Interstates 84 and 91 and Silas Deane Highway/Route 99, providing ease of access to the Hartford central business district and Greater Hartford; home to some of the state’s largest employers, including Travelers, Aetna, The Hartford, Phoenix Companies, the University of Connecticut’s Hartford campus and five hospitals.
Folly Brook Manor is a seven-building asset built in 1961 on 17 acres. The unit mix is 800-square-foot, two-bedroom one-bath units.
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