Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the sale of Rivers Bend Apartment Homes, a 432-unit multifamily asset in Windsor, CT. Sale terms were not disclosed.
“Rivers Bend is a value-add asset that draws upon a renter pool of nearly 24,000 people with average annual household income over $120,000,” said Victor Nolletti, IPA executive managing director investments. “All direct-entry homes highlight this asset, which is positioned for a significant value-add execution, including unit upgrades, operational upside through consolidation of management operations, stabilized market economic vacancy, and recapture of organic loss-to-lease.” Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller and procured the buyer, Charger Ventures.
Constructed in 1973, the property is located along the Farmington River, close to Interstate 91, within a short commute of employers such as Voya Financial, Amazon, United Technologies, Cigna, and SCA Pharmaceuticals. Residents are close to shopping, dining, and entertainment in nearby Hartford, Simsbury, Avon and West Hartford. Commuter rail service is two miles away at Windsor Station and Bradley International Airport is nearby.
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