Updated Sep 5, 2024
New Jersey Investor Acquires 67-Unit Apartment Complex In Manchester, Connecticut For $12M
61 Charles Drive Manchester, Connecticut 06040, USA
$12,000,000
Units
67
Asset Type
MultiFamily
Closing
Jul 19, 2023
About this deal
AI
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.
On the Map
$12,000,000
MultiFamily
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Players
Manchester MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93