Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Apex One91, a 110-unit apartment complex in Manchester, Connecticut.
“Apex One91 is a newly renovated multifamily asset in a market where year-over-year rent growth was 9.5% at the end of Q2 2023,” said Victor Nolletti, IPA executive managing director investments. “The acquisition of this asset expands the buyer’s existing Manchester portfolio.” Nolletti and IPA’s Eric Pentore, Wes Klockner and Ross Friedel represented the seller, Paredim Communities and procured the buyer, Cue Residential.
The property is in Manchester’s Spencer neighborhood, six miles from Hartford, near Interstates 384 and 84. Shopping and dining in Downtown Manchester are within a short drive.
Built in 1991, Apex One91 is a gated, seven-building property with a swimming pool, clubhouse, fitness center and laundry facilities. The unit mix is studios, one- and two-bedroom apartments with hardwood floors, air conditioning and a patio or balcony.
