Regions Commercial’s Multifamily Division recently brokered the $2.2 million sale of a 24-unit building located at 8-14 Concord St., West Hartford, near the corner of Farmington Ave. for $91,666/unit. Comprised of a mix of 6 one-bedroom and 18 two-bedroom units, this asset features old-world charm with moldings, french doors, updated mechanical systems and a dedicated on-site parking lot. Regions procured the buyer in a multiple offer scenario while John Vercelli represented the seller. RJ Luth provided financing at 80% LTV.
This transaction further demonstrates Region's ability to quickly identify, evaluate, and procure buyers for investment opportunities in the fiery and highly competitive multifamily Hartford market.
Regions Commercial is seeking additional properties to satisfy 1031 exchange requirements for several of their buyers in the $1-10 million price range. If you know of someone that has a property that may fit this requirement, please contact Michael Guidicelli, CCIM, SIOR at michael@regionscommercial.com.