Institutional Property Advisors sells Manor House - 125-unit multifamily

Bloomfield, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap, have sold the Manor House, a two-story, 125-unit multifamily property.

“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,” said 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 Rte. 178, in driving proximity to 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.