A Lakewood, New Jersey real estate investor recently paid $11.85 million for a 67-unit apartment complex in Manchester.
In a deed recorded July 19, two limited liability companies tied to CUE Residential bought the 11-building, 1965-vintage “Charles Place” complex on 10 acres along Charles Drive from two limited liability companies affiliated with investor FPA Multifamily.
The property last sold for $8.2 million in April 2022, according to assessor records.
The complex features two-bedroom, townhouse-style apartments with one and one-half baths, washers, dryers, fireplaces, private patios and decks, according to a release by Institutional Property Advisors, a division of Marcus & Millichap, which acted as the listing broker.
“Connecticut continues to be an appealing state for multifamily investment,” said Victor Nolletti, IPA’s executive managing director of investments. “We continue to see activity. Obviously, the velocity has pulled back due to the interest rate volatility, but there is still plenty of activity out there.”
Nolletti represented the seller, along with Eric Pentore, IPA’s senior vice president of investments.
Charles Place is accessible from multiple highways and a short drive to downtown Hartford and its employment centers, according to the IPA release. Manchester’s multifamily vacancy rate is less than 3%, according to IPA.
