Hartford, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap brokered the sale of Capitol View Apartment Homes, a 264-unit, high-rise multifamily building with 13,294 s/f of commercial and retail space in the city’s central business district.
“Located in one of the most sought-after markets for multifamily investment in New England, Capitol View has a history of long-term financial stability and great value-add potential,” said Victor Nolletti, IPA executive managing director. “The property’s location gives residents easy access to prestigious universities and graduate schools, substantial employment opportunities, interstates and public transportation.”
Nolletti and IPA’s Wes Klockner and Eric Pentore represented the seller, MATP LLC, and procured the buyer, EOM Equity LLC.
The property has views of the Capitol Building, Connecticut River, and the downtown skyline. It is in close proximity to West Hartford Center, Blue Back Sq.and Westfarms Mall. The Hartford and Aetna are across the street, and Travelers, the Connecticut State Capitol Building, The Phoenix Companies, XL Insurance, Accenture and Infosys are all in the immediate area. The University of Connecticut Health Center, the Jackson Laboratory for Genomic Medicine and Trinity College are close by. I-84 and I-91, which lead to Greater Hartford’s employment hubs, Rte. 9, and Rte. 5-15/Merritt Parkway are blocks away and Union Station is a few minutes from the property.
Constructed in 1955 and renovated between 2002 and 2013, the 10-story building has a parking garage and gated surface parking areas. Community amenities include a lounge, fitness center, and concierge service. Apartments on the penthouse level have hardwood floors and select units have breakfast bars and office nooks. The average unit size is 542 s/f.