Forum Capital Partners and Cantor Real Estate have sold their Hartford Workforce Housing portfolio to a private New York investor for $16.3 million.
CBRE brokered the 1031 sale of the 217-unit package that includes 873 West Boulevard (pictured top) and 748 New Britain Avenue in Hartford, Conn.
Jeffrey Dunne, Gene Pride, Eric Apfel, Jeremy Neuer, Steven Bardsley and David Gavin in collaboration with Simon Butler and Biria St. John from CBRE’s Boston office represented the seller, a partnership between Forum Capital Partners and Cantor Real Estate, and also procured the purchaser, 25th Century, a private New York -based investor.
According to Dunne, the offering received strong interest from buyers throughout New England and the Greater New York region.
“We anticipate the buyer will do well with the communities as they offer existing stable operations as well as the opportunity to enhance the current apartments, which are well-positioned in this current economy,” said Pride.
25th Century plans to invest heavily in value-add upgrades to improve the quality of the asset. Built in the mid-1950’s and early 1970’s, both properties feature on-site secured parking and laundry rooms. 873 West Boulevard residents also have access to storage and a fitness center.