1480 Corbin Avenue

Property

The 11-unit New Britain, CT Portfolio consists of two properties:

1480 Corbin Ave, New Britain CT: The mixed-use property is comprised of 5 units (1-retail and 4-two bedrooms) totaling 7,320 rentable SF in one-three story walk-up built in 1925.  Situated on a .25 acre lot there are also 4 garages that are rented out for additional income.  Recent improvements include new garage doors and roof, updated individual water heaters and boilers, key pad entry to apartments, and unit renovations.

666 East Street, New Britain CT: The apartment building is comprised of 6 two-bedroom apartments totaling 5,445 rentable square feet in one-three story walk-up built in 1924. Situated on a .13 acre lot there are 2 garages that can be rented out for additional income.  Recent improvements include new common hallways, 2 renovated apartments, a new driveway, 4 new individual boilers and hot water heaters, renovations to the 2 car garage, additional of coin-op laundry, and the installation of a fire alarm system.

Strategy

The owners of the property reached out to Matt Cawley of National Multifamily to see if he had a buyer for the portfolio.  They were looking to complete a deal entirely off-market and had already selected a property they were looking to complete a 1031 exchange into.  As time was a component, Matt quickly reached out to top buyers in his database.

Result

Matt Cawley of National Multifamily was able to procure an all-cash, as-is offer from a New York based investment group that could close in the necessary timeline for the owner to complete their exchange into a property in Middletown CT in mid-March 2023. The deal was closed on March 3rd, 2023.