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174-Unit Complex Sale Nets $19M

WEST HARTFORD, CT-The Westgate Apartments have found a new owner in Soloman Properties.

By Ryan Clark | Updated on October 02, 2009

WEST HARTFORD, CT-The Westgate Apartments here are selling to Solomon Organization for $19.1 million. The 174-unit apartment complex is being sold by 1248 Westgate Associates Limited Partnership, which is an entity controlled by Capital Properties. The deal was done with $15 million in assumable debt from Fannie Mae. No major renovations are planned by Soloman.

The apartment complex at 1248 Farmington Ave. is in close proximity to a CVS Pharmacy, Stop & Shop and the West Hartford Reservoir. Jeff Dunne from CBRE, in a statement, says that the property has a “dependable cash flow and attractive and assumable in-place debt that provides cost certainty and immediate yield.”

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