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New Jersey Investor Acquires 67-Unit Apartment Complex In Manchester, Connecticut For $12M
SOLD
$12,000,000
Connecticut
See Similar DealsMultiFamily
Sold 07/19/2023
SOLD
New Jersey Investor Acquires 67-Unit Apartment Complex In Manchester, Connecticut For $12M
61 Charles Drive Manchester, Connecticut 06040, USA
See Similar DealsMultiFamily
Sold 07/19/2023
Summary
CONNECTICUT
Asset Type:MultiFamily
Transaction Type:Sale
A New Jersey real estate investor has acquired a 67-unit apartment complex in Manchester, Connecticut for $12 million. The property is located at 61 Charles Dr in the market of Manchester, CT. This multi-family asset consists of 67 units, with an average price per unit of $179,104.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $12,000,000
- Address: 61 Charles Dr
- Market: Manchester, CT
The transaction was facilitated by Eric Pentore and Victor Nolletti of Institutional Property Advisors, who served as the brokers in this deal. They played a crucial role in connecting the buyer and the seller and ensuring a successful transaction. The expertise and negotiation skills provided by Eric Pentore and Victor Nolletti were instrumental in closing the deal for the New Jersey real estate investor.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$640,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47
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