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.

In addition to large contemporary kitchens, central air, gas-fired fireplaces and other amenities, the gated community also features a 6,000-sf fitness center, business center, an indoor heated pool, Jacuzzi, sauna, steam rooms and tennis courts.

Witten would not reveal the identity of the buyer, except to say that it is a “significant and sophisticated institutional buyer” that has significant real estate holdings in the US. He says that the purchase of Waterford Commons marks the firm’s entrance into the Connecticut marketplace.

He adds that the financial commitment by this institutional investor “demonstrates the strength and stability of the Connecticut rental apartment market.” Witten says that while there is some softness in terms of rental leasing volume in certain markets and in different product types in the Nutmeg State, his firm expects that the market will strengthen by the end of this year or early 2004.

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