Plainville, CT Marcus & Millichap has completed the sale of 92-unit Quail Hollow Apartments, located at 126 New Britain Ave. The asset sold for $8.5 million, according to J.D. Parker, broker of record, vice president, and division manager at Marcus & Millichap.
Victor Nolletti, Eric Pentore, and Westley Klockner of Marcus & Millichap’s New Haven office secured the exclusive to represent the seller, a limited liability corporation that had operated Quail Hollow Apartments for 25 years. The trio also secured the buyer, another limited liability corporation.
“Quail Hollow is a well-located value-add opportunity with proximity to major area employment drivers. A lack of available value-add opportunities nationwide results in a competitive acquisition climate when these properties come to market,” said Klockner. “Furthermore, the sale of Quail Hollow Apartments leads the submarket for price per unit sales value for a multifamily apartment complex in Plainville.”
Quail Hollow Apartments is a 92-unit multifamily property with eight, two-story residential structures comprised of 36, one-bedroom/one-bath apartments and 56, two-bedroom/ one-bath units. The property is within 6.5 miles of major employers including ESPN World Headquarters, United Technologies, UConn Health, and Tilcon Connecticut. It is located near I-84, and 20 minutes from downtown Hartford and West Hartford Center. The property is equidistant between the Meriden and Hartford Amtrak train stations and a 35-minute drive from Bradley International Airport.