Representatives of CBRE, led by Jeff Dunne, Simon Butler, Biria St. John, Eric Apfel, Stuart MacKenzie, John McLaughlin, and Brian Bowler announced the $7.8 million sale of a 204-unit multifamily development site in Farmington, Connecticut.
CBRE represented the seller, Sovereign Partners, a New York-based real estate investment firm specializing in value-add repositioning of office assets. The team also procured the buyer, Skala Partners, a real estate development group based in Fairfield, Connecticut.
The 10-acre site is located adjacent to the Pond View Corporate Center at 74-76 Batterson Park Road. The site is located just over one mile from UConn’s School of Medicine and provides optimal regional accessibility via I-84 and Route 9 connecting to I-91, giving residents easy access to employment hubs throughout central Connecticut. Community amenities at the future multifamily development include a clubhouse, fitness center with yoga, resort-style pool, package lockers, game room, business center, rooftop deck, and outdoor dog walk.
CBRE’s Jeff Dunne said, “There was significant interest in the offering due to Farmington’s strong incomes, dense employment base and undersupply of multifamily product. Residents benefit from access to coveted employment sectors of health care, education and biotechnology as well as one of the top school districts in Connecticut. The buyer will benefit greatly from the strong demand for rental product in Farmington and the Greater Hartford region.”
CBRE’s Simon Butler said, “We are pleased to have represented Sovereign Partners in the sale their excess land at Pond View. The seller created significant value by entitling an efficient unit mix and construction type, which will give residents a high standard of living at an attractive price point, while also delivering a thoughtful, aesthetic architectural solution that responds to the neighborhood’s context.”