United Multi Family (UMF) has brokered the sale of a 64-unit apartment building at 499 and 608 Allen St. for $3.545 million ($55,391 per unit).
The brick residences were built in 1969 and located within walking distance to Central CT State University with a unit breakdown of 6 three-bedroom, 57 two-bedroom and 1 one-bedroom apartments.
The sale was handled by William Bonfanti of the UMF CT office. The property was sold by Glenview to Allen St. Ventures and purchased as a cash deal. The CAP rate at the time of sale was 9.85% with the property having a gross annual income of $713,760.