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commercial real estate services vancouver bcEarlier this week, Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of Hillcroft at Danbury, a 192-apartment home multifamily community located in the hills of Danbury, Connecticut. The $32.25 million sales price equates to just under $168,000 per unit.
 
“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club just minutes from the Richter Park Golf Course,” said Victor Nolletti, an Executive Director who heads the Northeast for IPA’s Northeast and Florida team, in a press release. “Previous ownership constructed a club room, fitness center and leasing center that positions the property to further benefit from an easy-to-execute floor plan reconfiguration.”
 
“Danbury has solid historic occupancy and effective rent growth,” added Steve Witten, an Executive Director of IPA in the Northeast and Florida, in the same release. “The city attracts lifestyle renters, renters by choice and young professionals, and provides them all with urban and suburban lifestyles at significantly less cost than comparable rental housing options in the Stamford-Norwalk Metro and Westchester County.”
 
Nolletti and Witten, along with Eric Pentore, an IPA Associate, and Wes Klockner of Marcus & Millichap’s New Haven office, represented the seller, Par Hillcroft LLC, and procured the buyer, Timberline Real Estate Ventures LLC.
 
And, while this transaction took place outside of our Vancouver market, it displays Marcus & Millichap’s exceptional expertise as a leading specialist in commercial real estate investment sales, financing, research and advisory services within the multifamily asset category. In fact, last December, our very own Charlie Hughes, along with Mike Guinan-Browne, who represented the buyer, closed a $13.5 million sale of a 28-unit multifamily property in Vancouver. 
 
With a specialty in multifamily housing, along with other commercial real estate investment categories, including retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets, our team has the investment specialization, local market expertise, comprehensive research, state-of-the-art technology and the largest pool of qualified investors at our fingertips.
 
To learn how you can partner with us, please contact our Vancouver office for more information. 
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