CBRE announced the sale of The Tannery, a 250-unit Class A apartment community in Glastonbury, Connecticut. The CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, and John Mclaughlin represented the seller, a partnership between Lexington Partners, LLC and a fund advised by UBS Realty Investors, LLC, while also procuring the buyer, Jones Street Investment Partners.
Built in 2017, The Tannery is a best-in-class Class A community offering an expansive amenity package including an on-site restaurant, The Beamhouse, an oversized 24/7 fitness center with yoga studio, heated saltwater pool, sundeck with grilling area and fire pit, resident lounge and gaming area, dog park and pet spa, among many others. Apartments feature open floor plans and luxury finishes including stainless steel appliances with gas ranges, granite countertops, and wood-style vinyl plank flooring. Complementing the superior finishes is Glastonbury’s excellent school system which ranks as the 5th best school district in Connecticut according to Niche.
CBRE’s Jeff Dunne commented, “This was a unique opportunity to buy an A+ apartment community in one of the more affluent towns in the Hartford area. The high-end quality of the asset coupled with Glastonbury’s top school system should continue to promote sustainable demand and rent growth.”
CBRE’s Simon Butler commented, “We are pleased to have exclusively represented both Lexington and UBS in the sale of The Tannery. This marked the successful execution of their vision for The Tannery and will allow Jones Street to generate strong long-term returns given the one-of-a-kind nature of the community.”
CBRE Institutional Properties is currently marketing for sale: 75 Tresser, a 344-unit apartment community in downtown Stamford, Connecticut; Deerfield Place, a 156-unit apartment community in Utica, New York; Lofts Two22, a 70-unit apartment community in Bayonne, New Jersey; 597 Marin Boulevard, a multifamily development site in Jersey City, New Jersey near the entrance to the Holland Tunnel; and 1 Water Street, a fully approved 301-unit multifamily development site in White Plains, New York.