Regions Residential represented both the Seller and the Buyer on the sale of 41 units located at 176-184 Sigourney St. in the Asylum Hill neighborhood of Hartford for $1.875 million. With high occupancy levels, low deferred maintenance and value-add opportunity, this asset provided a truly turnkey investment for the Buyer.
This is the 9th asset that Regions has closed in the Asylum Hill neighborhood of Hartford this year, with additional closings in the surrounding markets such as West Hartford, New Britain and other neighborhoods in Hartford, demonstrating her expertise as a leader in the multifamily investment market.
176 Sigourney St. is 9,380 SF and consists of 17 units that have been gut rehabbed in 2006 with all new plumbing, electrical, heating, windows, flooring, kitchens and bathrooms.
184 Sigourney is 14,985 SF and consists of 24 units that have been remodeled with new mechanicals, new plumbing and electrical, new windows, kitchen and bathrooms.
Non-recourse financing at 80% LTV was provided by RJ Luth of CBRE.
Regions is seeking additional properties to satisfy 1031 exchange requirements for several of their buyers in the $1-10 million price range. If you have a property that may fit this requirement, please contact Regions at 860.854.6500.