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Hartford, CT | Multifamily | Closed on RealINSIGHT Marketplace

  • Mar 13, 2020
  • Marketplace Closings

South Marshall Apartments closed at 132% of reserve

South Marshall Apartments in Hartford, CT sold in an online commercial real estate auction.RealINSIGHT Marketplace and CBRE are pleased to announce the closing of South Marshall Apartments in Hartford, Connecticut, which sold through the online commercial real estate auction process. The Marketplace team worked closely with CBRE’s Hartford investment sales team to implement a custom marketing plan that brought in 11 fully qualified regional investors to compete in a two-day online auction event. The offering received a total of 46 bids in the auction which pushed bidding to a closing sale price at 132 percent of the Seller’s Reserve Price.

This 48-unit, multifamily apartment complex offered potential investors the opportunity to acquire a value-add, multifamily property with minimal turnover costs between tenancies, recent capital investments, and strong historical occupancy. Prior to closing, the 85% occupied Property was approved by HUD to continue under a Housing Assistance Payment contract.

Key Investment Highlights Included:
• Newly Renewed Housing Assistance Payment Contract
• Highly Desired Unit-Mix–The unit mix featured two and three bedrooms, in a neighborhood dominated by studios, single- and two-bedroom units
• Prime Location–Just 0.15 miles to the main retail corridor of Hartford’s CBD, providing immediate access to public transportation, grocery stores, restaurants, and banking options
• Minimal Turnover Costs

To learn more about the South Marshall Apartments, please click here or reach out to the RealINSIGHT Marketplace team at info@rimarketplace.com