News: Front Section
Posted: June 10, 2022
Northeast Private Client Group finalizes the $16.5 million sale of The South and West End Apartment portfolio
Hartford, CT Northeast Private Client Group (NEPCG) has negotiated the sale of The South and West End Apartment portfolio.
Senior associate Taylor Perun and investment associate Alex Burr represented the seller and procured the buyer for the multifamily transactions.
The South End Apartment portfolio is a four building, 131-unit apartment portfolio located at 21 Ward Place, 66 Webster St., and 44 & 160 New Britain Ave. The portfolio is comprised of nine studios, 110 one-bedroom and 12 two-bedroom apartments. Of the total, 64 units have heat and hot water included in the rents, while 67 units are tenant paid.
The properties have undergone extensive renovations, including upgraded common area hallways, security cameras, key fob entry, new laundry rooms, new doors, and new fire alarm systems.
There is also gated parking for tenants for an additional fee. One location also has added income generated from six rental garage bays. Three of the locations have elevators.
West End Apartment Portfolio is a three building, 51-unit portfolio; located at 16, 48, and 53 Evergreen Ave. The portfolio is comprised of 32 one-bedroom units and 19 two-bedroom units. Tenants are responsible for their heat and hot water in 36 of the units, with hot water provided in 15 of the units (one building).
The properties have undergone extensive renovations including, but not limited to, new roofs, HVAC mini-split systems, Navien on-demand boilers, windows, doors, renovated common area hallways, upgraded units, and newly installed fire alarm systems.
“Both the West End and South End portfolios underwent extensive renovations over the past few years. The new owners acquired well-maintained and professionally managed properties, which accounts for the substantial selling prices. Hartford rents and occupancy continue to remain strong.” said Perun.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
