May 13, 2022 – Tim Hines of Horvath & Tremblay has arranged the sale of three multi-family properties in Hartford, Connecticut. Hines exclusively represented the seller to complete the transaction at a sale price of $1,290,000.
The multi-family properties are located at 140, 146 and 156 New Britain Avenue in Hartford, Connecticut. The Properties are comprised of two adjacent three-story, brick buildings, and a third two-story building one lot over. The Properties contain a total of sixteen (16), 2-Bedroom/1-Bathroom units with 15,470 square feet of living area on a combined 0.59-acres of land. The Properties offer ample on-site parking for residents and guests. Each unit is separately metered for electricity and gas heat and hot water, which the Tenants pay directly. The Landlord is responsible for domestic water and sewer. The Properties, which are situated along the perimeter of the Trinity College campus are well-located on a quiet tree-lined street in a densely populated residential neighborhood in Hartford’s south-end. The Properties are 300 feet from the signalized intersection of New Britain Avenue and Broad Street. The two roadways comprise the southern and eastern border for Trinity College’s campus. The Properties are 1.8-miles from downtown Hartford, and the location offers convenient access to area highways, public transportation and retail amenities on nearby Maple Avenue, Wethersfield Avenue and Franklin Avenue. Additionally, the asset can very easily be re-positioned as student housing. The location is adjacent to Trinity College, the new Crescent Street student-housing townhouses, the police station, and the ice hockey rink, making it very attractive for students. Student housing rates enjoy a significant premium over standard apartment rates in the market.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.