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.

Witten says that the Manchester rental housing market is very strong and notes that due to the region's strong retail and job base, communities such as Ivy Manor are in strong demand. He adds that the complex, located off the I-84/I-384 connector, also benefits from a supply-constrained rental housing market and little new construction.

Marcus & Millichap officials also note that the firm recently closed on the sale of a 303-unit property in Manchester for $35.59 million. The firm also brokered the recent sales of a 165-unit rental housing community in East Haven, CT. for $16.5 million and a 98-unit property in Hamden, CT. for $8.7 million.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.