18-unit Hartford apartment building trades for $1.65M
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An 18-unit brick apartment building in Hartford’s South End recently sold for $1.65 million as part of a 1031 tax deferred exchange investment from a West Hartford-based buyer.
In a deed recorded Nov. 26, Manchester-based real estate investor Oz Pariser sold the 10,794-square-foot brick building at 958 Wethersfield Ave., to a West Hartford-based limited liability company controlled by Derron Dunbar.
Dunbar, reached Tuesday, said his family owns and operates smaller rental properties under the banner of Duntech Homes LLC, with 24 doors in Hartford County. The Wethersfield Avenue purchase is his largest to date.
Dunbar, managing member of Duntech, said he plans upgrades to the building's facade, as well as technology-based improvements, such as smart laundry machines, energy efficiency improvements, smart door locks and free Wi-Fi for tenants.
"We are local from the area and what we are trying to do is provide value for the tenants," said Dunbar, who has an information technology background. "We are providing quality housing for the working class."
Dunbar said he plans to use the Wethersfield Avenue building as a "proof of concept," something he can replicate with future purchases and upgrades of similar buildings in Hartford.
"We already know Hartford is up and coming," Dunbar said. "We have full confidence in it. This is more to show the community what we can do."
The three-story, wood-framed apartment building dates to 1968, according to assessor records.
Tim Hines, vice president with Horvath & Tremblay, who acted as listing broker, said the fully occupied building sold in good condition, with recent upgrades to the heating and other systems. Even so, the new owners plan to make further upgrades to take advantage of the strong Hartford rental market, he noted.
