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Rental Apartment Complex in Manchester, CT Sells for $5.15M

MANCHESTER, CT-The Ivy Manor Apartments rental housing complex on East Center St. here has been acquired by an area real estate investment partnership for $5.15 million.

By John Jordan | Updated on September 03, 2003

MANCHESTER, CT-A 72-unit residential housing complex at 167 East Center St. here has been sold to an area real estate investment partnership for $5.15 million.

The sale of the Ivy Manor apartment complex closed on Sept. 2, according to officials with Marcus & Millichap Investment Real Estate Services of New Haven. Taymil Ivy Manor LLC, which owns three other rental housing complexes in the Manchester/Hartford area, purchased the property from Ivy Manor Associates LLC, which had owned the complex for more than 20 years.

Steve Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the transaction.Ivy Manor was originally built in 1965 and is located on 2.78 acres. The complex consists of four detached, two-story, brick walk-up garden-style buildings. Ivy Manor features eight two-bedroom townhomes with one-and-a-half baths, 32 two-bedroom flats with one bath and 32 one-bedroom flats with one bath. Current monthly rental rates for the units are $775 for one-bedroom apartments and $1,000 for two-bedroom townhomes.

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