Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of Cove West Hartford, a 200-unit apartment property in West Hartford, Connecticut.
“Apartment fundamentals in the Class B airspace in Connecticut—particularly in West Hartford, one of the most desirable residential markets in the Northeast—remain exceptionally strong and among the most resilient in the country,” said Eric Pentore, IPA senior managing director investments. “Cove West Hartford, the largest 100% market-rate apartment community in town, is ideally positioned to capitalize on these fundamentals.”
“The acquisition provides for significant upside via continued common area and unit upgrades while harvesting exceptionally strong organic trade-outs,” added Victor Nolletti, IPA executive managing director. Pentore and Nolletti, along with IPA’s Westley Klockner and Ross Friedel, represented the seller and procured the buyer.
The property is directly in front of Kennedy Park, around the corner from One Park West Hartford, a new 294-unit luxury apartment community. West Hartford Center and Blueback Square are close by and Bishop’s Corner, Westfarms Mall, and Corbin’s Corner are within a short drive. Hartford’s Union Station and Bradley International Airport are within proximity, and the area is easily accessible from Interstate 84, 91, and 291.
“All apartments feature open floorplans, with one-bedroom units measuring 803 square feet and two-bedrooms 1,103 square feet, which is larger than typical layouts in the submarket,” added Pentore.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is 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.
