Simsbury, CT Institutional Property Advisors (IPA), division of Marcus & Millichap, handled the sale of Eastpointe at Dorset Crossing, a 168-unit multifamily property. The $36.5 million sale price represents more than $217,000 per unit.
Victor Nolletti, executive director leading the Northeast for IPA’s Northeast and Florida team, structured the off-market transaction.
“Our granular-level knowledge of the local market and supply chain was instrumental in bringing the sale to fruition,” said Nolletti. “Eastpointe at Dorset Crossing is a recently constructed core-plus asset and Simsbury is a premier Farmington Valley location with an annual median income of more than $145,000.”
Nolletti and Steve Witten, also an executive director of IPA Northeast and Florida, and Eric Pentore, senior associate, represented the seller, Eastpointe Dorset Crossing LLC and procured the buyer, CS Acquisitions Group LLC.
Built in 2015, Eastpointe at Dorset Crossing is situated 12 miles from downtown Hartford. The asset won a “Community of the Year” award from The Connecticut Apartment Association in 2015.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.