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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.”

The property is made up of studio, single- and two-bedroom apartments, which range from 450 square feet to 1,300 square feet. The rent is listed as $950 to $1070 for a studio; $1260-plus for a single bedroom; $1480 to $1555 for a two-bedroom with a single bathroom; and $1455 to $1530 for a two-bedroom with one-and-a-half bathrooms. The complex is situated on seven-and-a-half acres with garden and picnic ares and an outdoor swimming pool. At the time of sale, Westgate was 95% occupied.

CB Richard Ellis’ Dunne, Christopher Leonard, Matthew Innes and Michael Stone represented the seller and secured the buyer. The complex was purchased through an LLC, Westgate Apartments.

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