The properties, built between 1875 and 1969, total 504,593 sf and are located on more than 12 acres of land. Most of the buildings are three and four stories and built between the 1920s and the 1960s and were later acquired by the Whitehouse family of Hartford.
Steve Witten and Victor Nolletti of the New Haven office of Marcus & Millichap represented the Whitehouse family. Jim Coleman and Robert Tiburzi of Houlihan-Parnes represented the buyer.
The acquisition marks the entrance of Houlihan-Parnes, a national real estate investment firm, into the Hartford market. Coleman and Tiburzi also arranged a nearly $25-million, 10-year fixed rate loan from Fannie Mae in connection with the acquisition. Since the deal closed, Houlihan-Parnes has struck deals with other investors on the portfolio. The firm remains lead partner in the venture however. Houlihan-Parnes has also retained Housing Consultants Inc. of Hartford to manage the portfolio, Coleman says.
Witten adds the portfolio is 96% occupied and is considered among the top rental properties in the city. Houlihan-Parnes' Coleman says the fine condition of the properties was a key to the deal. "The properties are in very good condition and they definitely have curb appeal," he notes.
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