July 1, 2022 – Tim Hines of Horvath & Tremblay has arranged the sale of a 126-unit mixed-use portfolio in Hartford, Connecticut. Hines exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $8,750,000.
The mixed-use portfolio is comprised of 126 units spread across seven (7) properties in Hartford, Connecticut. The Portfolio consists of an attractive mix of units including five (5) retail units, eighteen (18) studio units, four (4) 1-Bedroom units, twenty-nine (29) 2-Bedroom units, fifty-nine (59) 3-Bedroom units, and four (4) 4-Bedroom units. All of the buildings in the portfolio benefit from a condominium ownership structure which offers a lower municipal tax liability than traditional fee simple commercial properties within Hartford. Additionally, the majority of the units in the portfolio have below-market residential rents, offering the opportunity to increase residential rents to market rates in an urban-infill, high demand, supply-constrained residential market significantly increasing the income of the Property. Six of the seven properties are well-located in Hartford’s North End neighborhood. The location offers convenient access to Main Street, Interstate 84, Interstate 91, and US Routes 44 and 6. Keney Park, Hartford’s largest park, is close to the Properties as is Riverside Park, on the banks of the Connecticut River. Additionally, numerous bus routes have stops close to the properties along Albany Avenue, Main Street and Barbour Street. The seventh property is positioned just south of Hartford’s Central Business District, across the street from Barnard Park and seconds from the Hartford Hospital. The Portfolio enjoys convenient access to downtown Hartford and the Central Business District (approximately 1-2 miles away). All of the Properties are close to public schools, parks, retail shops, and entertainment amenities for residents.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.