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HARTFORD-Equity Residential is divesting itself of a four community multifamily portfolio for $42.7 million. Kamson Corp. is taking on the 436-apartment property with $34.25 million in debt from Freddie Mac.

“This acquisition provided Kamson with the opportunity to purchase a critical mass of the best class B apartment communities in class A locations within the higher demographic suburban Hartford communities,” Jeff Dunne of CB Richard Ellis says, in a release. “Further, the apartments offer Kamson an excellent value-add opportunity through unit renovations and rent increases.”

The portfolio is spread over four areas, Glastonbury, Manchester, Plainville and West Hartford, CT–with a majority of garden-style and mid-rise buildings pre-1965. The properties include the Glastonbury Center, Brooksyde, Colonial Village and the Ribbon Mill. According to a release by CBRE, Kamson’s interest was driven by the “supply constraints within these towns, coupled with the sub-5% vacancy levels in Hartford over the past decade.”

Jeffrey Dunne and Matthew Innes of CBRE’s New York Institutional Group with Michael Stone of CBRE’s Multi-Housing Group repped Equity Residential and procured the Kamson for the sale. Michael Riccio of CBRE│Melody worked in collaboration with the team to acquire the debt from Freddie Mac.

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