News: Connecticut
Posted: September 15, 2011
Drinkwater and Richard of Marcus & Millichap sell $1.475 million apartment complex
Laurie Ann Drinkwater, CCIM, associate director, National Retail Group, and Seth Richard, associate director, National Retail Group of Marcus & Millichap Real Estate Investment Services brokered the $1.475 million sale of Pond View Apartments. The property is a 56-unit garden-style apartment complex situated on an 8.99-acre site. There are three 2-story buildings with a gross building area of 44,000 s/f. The unit count is 24 1-bedroom/1-bath and 32 2-bedroom/1-bath units with surface parking. The improvements were constructed in 1967 and 1971.
At the time of sale Pond View Apartments was 53% occupied. The property is considered a Class C property in the marketplace.
The buyer, Windham Realty, LLC, and the seller, Pond View Ptrs, Ltd., are both regional based investors.
MORE FROM Connecticut
Quick Hits
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary