Afton Properties Acquires 303-Unit Apartment Complex In Manchester For $71M

Afton Properties has entered the Connecticut real estate market with the acquisition of The Place at Catherine's Way, a 303-unit apartment complex in Manchester. The property, located at 30 Catherines Way, spans an impressive 31 acres. The transaction, facilitated by Victor Nolletti of Institutional Property Advisors, was completed on July 16, 2023, and the sale price amounted to $71,000,000. Each unit of this multifamily asset has a per unit price of $234,323.

Summary of transaction details

• Property Type: MultiFamily
• Transaction Amount: $71,000,000
• Address: 30 Catherines Way, Manchester, CT
• Market: Manchester, CT
• Acres: 31

This successful deal is Afton Properties' inaugural entry into the vibrant real estate scene in Connecticut. Their venture commenced with the notable acquisition of The Place at Catherine's Way, adding to their extensive portfolio. Victor Nolletti, representing Institutional Property Advisors, played a pivotal role as the exceptional broker in this transaction, ensuring a smooth and favorable outcome for both parties involved.