Regions Northeast
July 7, 2008
By: Barbra Murray, Contributing Editor
Waterford Commons, a 303-unit multi-family community in Manchester, Conn., has sold in a transaction valued at nearly $42.8 million.
The Class A property last changed hands in 2003 for $35.6 million. Occupying a 34-acre parcel, Waterford Commons sits about 10 miles from Downtown Harford and encompasses 13, two- and three-story structures.
Development of the 316,400-square-foot luxury apartment and townhome complex reached completion in 1999 at the hands of Waterford Development Corp., which spent $28.7 million to realize the project. Today the property is held up as one of the best examples of Class A-quality apartment properties in Connecticut, according to Marcus & Millichap Real Estate Investment Services, which represented both the seller and the owner in the transaction.
"There were multiple bids from the investment community," Victor Nolletti, vice president & senior director with Marcus & Millichap, told CPN today of the marketing process for Waterford Commons; Nolletti worked on the transaction with colleague Steve Witten, also a vice president and senior director. "Manchester historically has stable occupancy rates and low vacancy rates, and that speaks to the strength of the market. Also, it's one of the few markets in Connecticut that supports new construction, and new development is well absorbed, which puts upward pressure on rents."
By: Barbra Murray, Contributing Editor
Waterford Commons, a 303-unit multi-family community in Manchester, Conn., has sold in a transaction valued at nearly $42.8 million.
The Class A property last changed hands in 2003 for $35.6 million. Occupying a 34-acre parcel, Waterford Commons sits about 10 miles from Downtown Harford and encompasses 13, two- and three-story structures.
Development of the 316,400-square-foot luxury apartment and townhome complex reached completion in 1999 at the hands of Waterford Development Corp., which spent $28.7 million to realize the project. Today the property is held up as one of the best examples of Class A-quality apartment properties in Connecticut, according to Marcus & Millichap Real Estate Investment Services, which represented both the seller and the owner in the transaction.
"There were multiple bids from the investment community," Victor Nolletti, vice president & senior director with Marcus & Millichap, told CPN today of the marketing process for Waterford Commons; Nolletti worked on the transaction with colleague Steve Witten, also a vice president and senior director. "Manchester historically has stable occupancy rates and low vacancy rates, and that speaks to the strength of the market. Also, it's one of the few markets in Connecticut that supports new construction, and new development is well absorbed, which puts upward pressure on rents."
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