October 24, 2024 – Tim Hines of Horvath & Tremblay has arranged the sale of a twelve (12) unit multi-family apartment building in Plainville, Connecticut. Hines exclusively represented the seller to complete the transaction at a sale price of $1,220,000.
The multi-family property is located at 4 Twining Street in Plainville, Connecticut. The three-story brick multi-family building contains twelve (12), 1-Bedroom/1-Bathroom units with 7,192 square feet of gross living area on 0.24-acres of land. The Property offers private balconies and ample off-street parking, featuring eight (8) covered spaces under the building and additional surface parking. All of the units have below-market rents, offering the opportunity to raise rents to market rates and increase the income of the Property. The opportunity exists to drive rental rates through improved management and programmatic upgrades to the unrenovated unit interiors. The Property is situated along Twining Street, in a densely populated tree-lined residential neighborhood and is one block from East Street (CT Route 10), one of the area’s primary commercial corridors, which offer public transportation along the municipal bus line and features countless retailers, restaurants and lifestyle amenities. The Property is 1.5-miles from the center of Queen Street which is home to big box retailers, grocery stores and countless nationally branded restaurants. The Property is also just 2.5-miles from a large power center in the heart of Plainville. The power center is anchored by Lowe’s and Kohl’s and features prominent junior anchors including AMC Plainville, Dicks’s, DSW, PetSmart, Old Navy and Marshalls. Area highways are conveniently located in close proximity to the Property, with CT Route 10 0.1-miles away, CT Route 72 1.7-miles away, and Interstate 84 less than 2-miles away. Downtown Bristol, New Britain and Southington are all approximately 5-miles away, and Downtown Hartford is 15-miles away.
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.