WEST HARTFORD: A six building 200 unit multi-family apartment complex, Westwood Apartments at 106 Kane street, was sold for $20.85 million. The apartment complex is among the largest in town.
Constructed in 1971 as 368 rental units in nine buildings, the original Westwood development was divided into two separate parcels with four of the buildings converted into condominiums in the mid-1980s.
CT Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the sale.
Victor Nolletti, IPA senior managing director, and Eric Pentore first vice president, along with Wes Klockner, senior associate with Marcus & Millichap, exclusively represented the seller, Westwood Apartments LLC, and procured the buyer, CS Acquisition Group LLC.
“Westwood Apartments represented a significant value-add opportunity in one of the most desirable rental markets in the Northeast,” said Pentore. He added, “a lack of value-add opportunities nationwide results in a competitive acquisition climate when these properties come to market, especially in highly sought-after areas like West Hartford.”
According to an IPA release “the city is experiencing a resurgence recently, with year-over-year job growth reaching the highest level since 2015. New jobs have supported household formation, pushing down the vacancy rate to just 4.1%. Healthy demand for high-end units in the area gives Westwood Apartments significant upside after improvements.”