Institutional Property Advisors closes multifamily asset sale of Cove West Hartford

West Hartford, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap completed  the sale of Cove West Hartford, a 200-unit apartment property.

The property is in front of Kennedy Park, around the corner from One Park West, 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 I-84, I-91, and I-291.

“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,” said 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.

Built in 1971, Cove West Hartford features an 8,000 s/f clubhouse with a community room, outdoor patio, pergola, and firepit. “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,” said Pentore.