Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces it is the exclusive listing agent in the marketing for sale of The Place at Catherine’s Way, a 303-unit, 100-percent market- rate multifamily asset located at 30 Catherine’s Way in Manchester, Connecticut. The price is open bid.
“The Place at Catherine’s Way is a fine example of a late 90s core-plus Class A amenitized apartment community that is perfectly positioned for modest value-add,” says Victor Nolletti, senior managing director and lead advisor for the IPA Northeast team. “Constructed between 1998 and 1999, the property’s quiet, low-density suburban location is ideal for young professionals, empty nesters and lifestyle renters, and its well-appointed units will give a new owner the ability to continue a proven value-add program that has harvested an average of approximately $115 per unit per month on 69 renovated units.”
Nolletti, Eric Pentore, IPA first vice president, and Wes Klockner, senior associate with Marcus & Millichap, are representing the seller, Waterford Realty LLC.
The Place at Catherine’s Way is located on 31 well-landscaped acres proximate to The Shoppes at Buckland Hills, The Promenade Shops at Evergreen Walk and numerous other resident services and immediate access to interstates 84, 91, and 384. Employers within five to 15 miles include Aetna, Cigna, United Technologies, The Hartford Financial Services Group, Travelers Indemnity Co., UTC Aerospace Systems, Phoenix Companies, Lydall, Stanadyne, Eversource Energy, and Gerber Technology and innumerous retail service providers. The community consists of 13 two- and three-story brick buildings with 10 unique one-, two- and three-bedroom floor plans surrounding a fully amenitized community center, pool and tennis court.
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.