Institutional Property Advisors (IPA), a division of Marcus & Millichap announces the firm is the exclusive listing agent in the marketing for sale of 250 Main Street Apartments, a nine-story, 214-unit multifamily asset with 18,154 square feet of ground-floor retail space in Hartford, Connecticut. The price is open bid.
“Situated on more than two acres in Hartford’s central business district, 250 Main offers residents the conveniences of downtown living and will provide an investor with a significant value-add opportunity through modest unit upgrades and common area improvements,” says Victor Nolletti, executive director.
Nolletti, Eric Pentore, and Wes Klockner are representing the seller, Charter Oak Square LLC.
250 Main Street Apartments is within walking distance of the 30-acre, $240 million Front Street development, the Connecticut Convention Center, the Connecticut Science Center, Adriaen’s Landing—home to the University of Connecticut’s downtown Hartford campus and business school—and many dining and entertainment venues. Downtown Hartford’s major employers include Travelers, The Phoenix Companies Inc., the University of Connecticut, XL Catlin, Aetna Inc., Accenture, and Saint Joseph’s School of Pharmacy. Union Station is less than one mile from the property, and access to interstates 91 and 84 is nearby. Bradley International Airport is 20 minutes away.
Constructed in 1988, 250 Main Street Apartments features more than 273,000 square feet of gross building area, 32 one-bedroom units, 182 two-bedroom apartments and nine retail units. The average apartment size is 884 square feet.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.