Institutional Property Advisors Closes Multifamily Asset Sale in Greater Hartford
August 22, 2023
MANCHESTER, Conn., Aug. 22, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Charles Drive, a 67-unit multifamily property in Manchester, Connecticut.
“Manchester is home to a large population of renters working in the aerospace, healthcare, insurance and financial services, biotech, education and retail service industries,” said Victor Nolletti, IPA executive managing director investments. “Charles Place is supported by the Hartford area’s healthy employment market, limited new construction and a multifamily vacancy rate under 3%.” Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, FPA Multifamily and procured the buyer Cue Residential LLC.
Accessible from interstates 84, 384, and 291, the property is a short drive from Downtown Hartford. Shopping and entertainment at Lenox Plaza and Parkade Cinemas & Entertainment are close by. Major employers in the area include The Hartford, Travelers Insurance, Gerber Technology, Connecticut Children’s Medical Center, and Manchester Memorial Hospital.
Built in 1969 on 10 acres, Charles Place is composed of 11 two-story buildings. The unit mix is all two-bedroom/1.5-bath townhouse-style apartments with washers and dryers, fireplaces, private patios, and decks.
“Manchester is home to a large population of renters working in the aerospace, healthcare, insurance and financial services, biotech, education and retail service industries,” said Victor Nolletti, IPA executive managing director investments. “Charles Place is supported by the Hartford area’s healthy employment market, limited new construction and a multifamily vacancy rate under 3%.” Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, FPA Multifamily and procured the buyer Cue Residential LLC.
Accessible from interstates 84, 384, and 291, the property is a short drive from Downtown Hartford. Shopping and entertainment at Lenox Plaza and Parkade Cinemas & Entertainment are close by. Major employers in the area include The Hartford, Travelers Insurance, Gerber Technology, Connecticut Children’s Medical Center, and Manchester Memorial Hospital.
Built in 1969 on 10 acres, Charles Place is composed of 11 two-story buildings. The unit mix is all two-bedroom/1.5-bath townhouse-style apartments with washers and dryers, fireplaces, private patios, and decks.
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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.