Hines of Horvath & Tremblay completes the sale of 200 multi-family units in Connecticut for $16.24 million

Norwich, CT Tim Hines of Horvath & Tremblay has facilitated the sale of 200 multi-family units totaling $16.24 million.

Hines arranged the sale of an 83 unit multi-family portfolio in Cromwell, Middletown and Norwich, Conn. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $9 million. The multi-family portfolio consists of 13 properties located in Cromwell (one property), Middletown (11 properties) and Norwich (one property). The multi-family portfolio contains 83 total units with 56 one-bedroom/one-bathroom units, 25 two-bedroom/one-bathroom units, one three-bedroom/one-bathroom unit and one three- bedroom/1.5-bathroom unit with 65,120 s/f of gross living area. With below-market rents, the opportunity exists to increase rents to market rates and significantly increase the income of the assets as well as drive rental rates over the long-term through improved management and programmatic upgrades to unrenovated unit interiors. All of the properties enjoy a strong location within their markets offering proximity to area schools, shopping, dining, and area employers. Additionally, each of the properties is convenient to primary roadways offering efficient connectivity throughout Cromwell, Middletown and Norwich.

Hines also arranged the sale of a 69 unit multi-family portfolio in Hartford. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3.25 million. The multi-family portfolio represents a distressed rehab project and consists of three properties located at 28-32 Girard Ave., 467 Farmington Ave., 249-255 & 258-260 Sisson Ave. The multi-story brick buildings contain 26 one-bedroom/one-bathroom units, 30 two-bedroom/one-bathroom units, and 13 three bedroom/one-bathroom units with 58,610 s/f of gross living area. The properties are situated upon a total of 2.48-acres and offer 21 garage spaces for off street parking. The properties were delivered vacant and blighted offering a significant value add opportunity. With renovations and updates to building units and common areas, an owner can achieve competitive rents in a high demand housing market. The portfolio is centered around the intersection of Farmington Ave. with Sisson and Girard Ave. The properties are within 0.2 miles of each other in Hartford’s desirable West End neighborhood. The properties sit in close proximity to St. Francis Hospital, Hartford Public High School, and the University of Hartford, and are also close to the West End Farmers’ Market, local dining, and retail corridors.

Hines and Michael Bradley of Horvath & Tremblay completed the sale of a 48 unit mixed-use property in Hartford. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3.99 million. Located at 250 Farmington Ave., the mixed-use property consists of 48 units in a condominium complex comprising 58 total units. The portfolio offers three commercial suites, one studio unit, 42 one-bedroom/one-bathroom units, and two  two-bedroom/one-bathroom units. The Condominium Portfolio offers the opportunity to acquire the remaining units through a first right of refusal. The in-place residential rents are below market, offering upside in a high-demand supply constrained residential market. The portfolio is located along Farmington Ave., between St. Francis Hospital and Hartford Public High School. 250 Farmington Ave. is one mile from downtown Hartford and the Central Business District and offers convenient access to I-84, I-91, and US Rte. 6. Hartford’s Union Station and CTfastrak’s Parkville Station are nearby, and several bus routes have stops along Farmington Ave. directly next to the property.