Institutional Property Advisors, a division of Marcus & Millichap, announced today the sale of Charles Drive, a 67-unit multifamily property in Manchester, Connecticut.
“Manchester is home to a large population of renters working in the
aerospace, healthcare, insurance and financial services, biotech,
education and retail service industries,” said Victor Nolletti, IPA
executive managing director investments. “Charles Place is supported by
the Hartford area’s healthy employment market, limited new construction
and a multifamily vacancy rate under 3%.” Nolletti and IPA’s Eric
Pentore and Wes Klockner represented the seller, FPA Multifamily and
procured the buyer Cue Residential LLC.
Accessible from interstates 84, 384, and 291, the property is a short
drive from Downtown Hartford. Shopping and entertainment at Lenox Plaza
and Parkade Cinemas & Entertainment are close by. Major employers in the
area include The Hartford, Travelers Insurance, Gerber Technology,
Connecticut Children’s Medical Center, and Manchester Memorial Hospital.
Built in 1969 on 10 acres, Charles Place is composed of 11 two-story
buildings. The unit mix is all two-bedroom/1.5-bath townhouse-style
apartments with washers and dryers, fireplaces, private patios, and
decks.
