In what could be the region’s largest real estate deal of 2020, Hartford’s Clemens Place apartments, made up of more than 40 buildings and 640 living units in the city’s historic West End district, have sold for $60.5 million, property records show.
The buyer — Clemens Place CT Limited Partnership — is based out of Lakewood, New Jersey, and closed the deal on Dec. 1, property records show.
The seller was New York-based UOB Eagle Rock Multifamily Property Fund LP, which bought the apartment portfolio in 2013 for $29.5 million. At that time, UOB purchased 597 units but it added to its portfolio since then, a realty broker said.
Clemens Place apartments include a mix of market-rate and low-income housing, and more than half of the buildings off Farmington Avenue are on the National Register of Historic Places.
The apartments — on Denison, Frederick, Lorraine and Owen Streets and Sisson Avenue — range from studios to four-bedroom units with monthly rents ranging from $829 to around $1,700, according to CoStar.
The deal represents one of the largest Greater Hartford commercial real estate deals in 2020, according to Hartford Business Journal’s Book of Lists.
The largest deal recorded through November was the $33.3 million sale of The Grand Luxury Apartments in Granby, followed by several purchases by Massachusetts developer Winstanley Enterprises, which bought South Windsor industrial properties at 135 Sullivan Ave. and 175 Sullivan Ave. for $23.1 million and $21 million, respectively.