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July 11, 2023

Movie theater, hot tub, tennis court, volleyball court: LA investor pays $71M for Manchester apartments

COSTAR The Place at Catherine's Way apartments were purchased in June by Afton Properties.
By Greg Bordonaro

A 303-unit apartment complex in Manchester has sold for $71 million to a Los Angeles-based buyer, signaling strong demand for multifamily apartments in Greater Hartford. 

The Place at Catherine's Way apartments were purchased last month by Afton Properties, an investment and management company founded in 2016. 

According to the company’s website, this is its first Connecticut purchase. 

The 30.69-acre property, which includes a mix of one-, two- and three-bedroom apartments, last sold in 2015 for $49.9 million to Waterford Realty LLC and Beachwold Residential LLC, records show.

The $71 million investment sale equates to about $234,323 per unit.

The apartment complex includes 11 buildings and all market rate apartments. It was built in 1998. 

According to the complex’s website, it has numerous amenities, including a clubhouse, spa, hot tub, tennis court, swimming pool, fitness center, business center and volleyball court.

Unlike most new apartment complexes being built today, the property contains mostly two- and three-bedroom apartments. Units range in size from 690 square feet to 1,350 square feet.

Victor Nolletti, of Institutional Property Advisors, and Marcus & Millichap brokered the deal. 

Nolletti said the apartment property is a “well-positioned asset” that “will continue to provide residents with a quality housing experience.”

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