Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Place at Catherine’s Way, a 303-unit multifamily asset in Manchester, Connecticut.
“The property is a 100 percent market-rate, garden-style asset with exceptional in-place operational trends, including strong historic occupancy, located in a stable, high-barrier-to-entry multifamily rental market,” said Victor Nolletti, IPA executive managing director investments. Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, Beachwold Residential. The buyer is Afton Properties.
The property is easily accessible from interstates 84, 91 384, a short drive from Greater Hartford employment hubs and Downtown Hartford. Three million square feet of shopping, dining, and services are nearby at The Shoppes at Buckland Hills, The Plaza at Buckland Hills, and The Promenade Shops at Evergreen Walk. Employers within a short commute include Aetna, Cigna, United Technologies, The Hartford Financial Services Group, Travelers Indemnity Co., and Gerber Technology.
Constructed between 1998 and 1999, the property’s 13 two- and three-story buildings have 10 unique one-, two-, and three-bedroom floor plans that average 1,043 square feet. Apartments have full-size washers and dryers, walk-in closets and ample storage space. Community amenities include a heated indoor swimming pool, sauna, steam room, fitness center, tennis courts, and movie theater.
