Michael Stone of the Connecticut multi-housing team of CB Richard Ellis has negotiated the sale of Wilcox Apartments for $3.7 million.
Located at 305-309 South Main St., Wilcox was originally constructed in 1907 as a manufacturing facility and converted to apartments and expanded in 1989. The complex contains 81 units in one, two, and three-bedroom floor plans.
Located less than one-half mile from Wesleyan University, Middlesex Hospital, and downtown, the property is well positioned for stable growth in the near term.
CBRE represented the seller and procured the buyer in the transaction. The purchaser is an affiliate of Hamilton Point Investments, a Conn.-based real estate investment company run by David Kelsey and Matt Sharp. The seller is an affiliate of Vesta Corp., also a Conn.-based company, an affordable housing specialist.
CBRE's Multi-Housing Group offers multifamily owners and investors the industry's best real estate advisory services. The group's national network of 300 professionals is dedicated solely to the multi-housing sector in every major U.S. market. The Multi-Housing Group also offers expanded expertise in specialized apartment transactions such as student housing, senior housing, LIHTC, and HUD/Affordable Housing services.
By offering unparalleled access to both private and institutional investment capital, including 1031 exchange investors, the Multi-Housing Group is equally adept at transacting a single, local market asset as a sophisticated, multi-location portfolio.
CB Richard Ellis/New England is a joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting.
CB Richard Ellis Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is one of the world's largest commercial real estate services firms (in terms of 2009 revenue). The company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.