December 12, 2024 – Tim Hines of Horvath & Tremblay has arranged the sale of a thirteen (13) unit multi-family portfolio in New Britain, Connecticut. Hines exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,445,000.
The thirteen (13) unit multi-family portfolio is comprised of 79 Newington Avenue, 35 Austin Street, 202 Buell Street, and 165 Greenwood Street in New Britain, Connecticut. The four property Portfolio is located in southern New Britain with two Properties positioned just east of CT Route 9 and two Properties positioned just west of CT Route 9. The Portfolio consists of thirteen (13) units made up of four (4), 1-Bedroom/1-Bathroom units and nine (9), 2-bedroom/1-Bathroom units. Each unit is separately metered for electricity and gas (heat and hot water), which the Tenants pay directly. The Landlord is responsible for common area electric and domestic water and sewer. The opportunity exists to upgrade the unrenovated unit interiors in the Properties to drive rental rates in an urban-infill, high demand, supply-constrained residential market. The Properties offer convenient access to Interstate 84, CT Route 9 and CT Route 72. CT Transit bus transportation is available within a few blocks of each location and area amenities include Price Rite Marketplace, Save A Lot Supermarket, C-Town, Walgreens, the Hospital of Central Connecticut and CT Fastrak’s New Britain Station, which opened in 2015 and serves as a central hub for local and express bus services throughout the region. All of the Properties are located less than 3 miles from Central Connecticut State University and 11 miles from Downtown Hartford.
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.