Hartford Business Journal

7 HARTFORDBUSINESS.COM | OCTOBER 4, 2021 DEAL WATCH at these apartments and saying, 'Look at this compared to what we pay in Brooklyn.' In some ways, this [pandemic] has been to our benefit because people can work remotely," and see Hartford as a lower-cost option. The complex also has a microbrewery tasting room on-site with indoor and outdoor seating, is dog friendly, and Dooley said he's working to get a fitness club as a tenant and make it available to residents. More apartments Colt Gateway adds more modern apartments to Hartford's housing stock. But at this point, the market is strong and absorbing these new units, said Michael Freimuth, executive director of the CRDA, which helps finance market-rate apartments, mostly in downtown. "The Hartford apartment market is much stronger than people recognize," he said. "It's an evolving product, too." Freimuth said that until developers started building new apartments in Hartford about seven to eight years ago, the city's downtown apartment stock was mostly from the 1970s or 80s without the amenities today's tenants want and will pay for. "There's been a general upgrade in the stock, and that newer product is attracting high occupancies and higher rents," he said. "That's what's going on at Colt. It has some unique things. It's a fun space in a historical place. The parking is a surface lot right out your window — that appeals to a lot of people — and the neighborhood is starting to blossom." The neighborhood includes Dillon Stadium, home to the Hartford Athletic professional soccer club. High occupancy Although thousands of new apartments have been built in Hartford over the past several years, most are rented, said Freimuth. "The overall portfolio of [residential] properties that we've invested in are running in the 90% occupancy range," he said. "We keep seeing more products and the concern is will they saturate the market. But our experience to date is the market is absorbing these units." While the pandemic is having negative effects on the Hartford office market, it's creating new opportunities for apartment landlords. "People want bigger units because they're spending more time there, and having a unit where you can work and live and not be on top of yourself is important," Freimuth said. Another factor in apartments is the amenities they offer, he said. An apartment development the CRDA helped finance filled quickly and Freimuth said they were curious as to why. "We surveyed the tenants and found that 5G was the thing that sold it over its competitors," he said. "A few years ago, people wanted dog- washing stations in their buildings. Now it's 5G." The latest new apartments at Colt Gateway feature walls of windows, high ceilings and an industrial feel. HBJ PHOTO | TERRY CORCORAN What's Sold Here's a list of recently sold commercial properties. Properties are listed in order of sales date. Property address City Sale price Property type Building sq. ft. Year built 50 Raymond Rd West Hartford $40,500,000 Retail (Lifestyle Center) 47,174 2005 770 Wethersfield Ave Hartford $475,000 Industrial 40,000 1940 200 Sheldon Rd Manchester $800,000 Retail 5,453 1984 575 Broad St Bristol $3,000,000 Industrial 231,771 1915 25 Enfield St Hartford $1,186,623 Multi-Family 12,267 1925 160 Magnolia St Hartford $593,312 Multi-Family 8,766 1925 280-282 Sigourney St Hartford $3,413,182 Multi-Family 47,796 1923 95 Vine St Hartford $1,550,000 Multi-Family 40,398 1800 60 Wadsworth St Hartford $3,169,383 Multi-Family 54,746 1982 3 Northgate Dr Windsor Locks $80,000 Land 89 Ridge St Manchester $355,000 Multi-Family 3,476 1907 898 Farmington Ave West Hartford $1,000,000 Retail 1,760 1950 75 Hazard Ave Enfield $59,900 Office 700 1979 69 Pavilion Dr Manchester $6,900,000 Retail 139,000 1991 550 Broad St Bristol $875,000 Industrial 87,426 1890 239 Christian Ln Berlin $250,000 Land 118 Hazard Ave Enfield $900,000 Land 137 S Main St Marlborough $450,000 Multi-Family 3,332 1953 300 Queen St Southington $1,140,000 Office 11,612 1988 179 South St West Hartford $1,000,000 Land Hillstown Rd Manchester $1,700,000 Land Source: CoStar

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