Institutional Property Advisors Closes 264-Unit High-Rise Apartment Building Sale in Downtown Hartford
“Located in one of the most sought-after markets for multifamily investment in New England, Capitol View has a history of long-term financial stability and great value-add potential,” said Victor Nolletti, IPA executive managing director. “The property’s location gives residents easy access to prestigious universities and graduate schools, substantial employment opportunities, interstates and public transportation.” Nolletti and IPA’s Wes Klockner and Eric Pentore represented the seller, MATP LLC, and procured the buyer, EOM Equity LLC.
The property is steps from Hartford’s central business district, offering excellent views of the Capitol Building, Connecticut River, and the downtown skyline. It is in close proximity to West Hartford Center, Blue Back Square and Westfarms Mall. The Hartford and Aetna are across the street, and Travelers, the Connecticut State Capitol Building, The Phoenix Companies, XL Insurance, Accenture and Infosys are all in the immediate area. The University of Connecticut Health Center, the Jackson Laboratory for Genomic Medicine and Trinity College are close by. Interstates 84 and 91, which lead to Greater Hartford’s employment hubs, Route 9, and Route 5-15/Merritt Parkway are blocks away and Union Station is a few minutes from the property.
Constructed in 1955 and renovated between 2002 and 2013, the 10-story building has a parking garage and gated surface parking areas. Community amenities include a lounge, fitness center, and concierge service. Apartments on the penthouse level have hardwood floors and select units have breakfast bars and office nooks. The average unit size is 542 square feet.
# # #
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.