Manchester, CT Luxury Rental Complex Sells for $35.59M

MANCHESTER, CT- A “significant institutional investor” has purchased the 303-luxury rental Waterford Commons Apartments complex here for $35.59 million.

The deal, which closed on Tuesday, May 6, was reported by Marcus & Millichap Investment Real Estate Services of New Haven, which brokered the deal. The seller was Olmstead Commons Master LLC and the buyer was Waterford Commons I LLC and Waterford Commons II LLC. The sole brokers in the transaction were Steve Witten and Victor Nolletti of Marcus & Millichap. The seller utilized the legal services of Jonathan Levin of Garrity, Levin and Muir of Boston. The buyer acquired the property subject to existing HUD loans, according to Witten.

Waterford Commons is a 303-unit, 13-building luxury apartment community at 701 Tolland Turnpike that was originally built in 1998-99 as part of a Planned Residential Development, Marcus & Millichap officials note. The property consists of 47 one-bedroom units that total approximately 795 sf; 196 two-bedroom units of 1,068 sf in size and 60 three-bedroom units that total 1,183 sf each. The site sits on more than 34 acres that is about three minutes from exit 62 of Interstate 84. The transaction also included the sale of a 12-room, historic, 2,200-sf single-family home that was built in 1776.