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CBRE Arranges 1031 Deal on Hartford Apartments
CBRE arranged the 1031 sale of the Hartford Workforce Housing Portfolio for $16.3 million. The sale included 873 West Blvd. and 748 New Britain Ave. in Hartford, CT, comprising 165 and 52 units, respectively.
CBRE Institutional Properties’ Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer, Steven Bardsley and David Gavin, in collaboration with Simon Butler and Biria St. John from CBRE’s Boston office, represented the owners, a partnership between Forum Capital Partners and Cantor Real Estate. They also procured the purchaser, 25th Century, a private New York-based investor.
“The offering received strong interest from buyers throughout New England and the Greater New York region,” said Dunne.
Pride added, “We anticipate the buyer will do well with the communities as they offer existing stable operations as well as the opportunity to enhance the current apartments, which are well-positioned in this current economy.”
25th Century plans to invest heavily in value-add upgrades.
Pictured: 873 West Blvd.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
