News: Front Section
Posted: July 14, 2017
Nolletti, Witten and Pentore of Institutional Property Advisors arrange $36.5 million multifamily sale
Simsbury, CT Institutional Property Advisors (IPA), division of Marcus & Millichap, handled the sale of Eastpointe at Dorset Crossing, a 168-unit multifamily property. The $36.5 million sale price represents more than $217,000 per unit.
Victor Nolletti, executive director leading the Northeast for IPA’s Northeast and Florida team, structured the off-market transaction.
“Our granular-level knowledge of the local market and supply chain was instrumental in bringing the sale to fruition,” said Nolletti. “Eastpointe at Dorset Crossing is a recently constructed core-plus asset and Simsbury is a premier Farmington Valley location with an annual median income of more than $145,000.”
Nolletti and Steve Witten, also an executive director of IPA Northeast and Florida, and Eric Pentore, senior associate, represented the seller, Eastpointe Dorset Crossing LLC and procured the buyer, CS Acquisitions Group LLC.
Built in 2015, Eastpointe at Dorset Crossing is situated 12 miles from downtown Hartford. The asset won a “Community of the Year” award from The Connecticut Apartment Association in 2015.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
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.
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.
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: