Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Manor House, a two-story, 125-unit multifamily property in Bloomfield, Connecticut.
“Vintage assets with accretive in-place assumable financing and value-add potential like Manor House are particularly in demand,” said Victor Nolletti, IPA executive managing director investments. “With one of the nation’s tightest vacancy rates and strong rent growth, the Hartford metro area continues to attract investment capital,” added IPA senior vice president Eric Pentore. Nolletti, Pentore, Wes Klockner and Ross Friedel represented the seller, CT Park Holdings LLC and procured the buyer, MLKRECAP Acquisitions LLC.
Built in 1963, the property is located on over 15 acres near Route 178, a short drive from Downtown Hartford, the University of Hartford and the University of Connecticut. Nearby employers include The Cigna Group, The Hartford, Aetna, XL Insurance, and Travelers. Retail and entertainment are close by in the West Hartford Center and Blue Back Square.
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
