INVESTMENT HIGHLIGHTS
THE ASSET: Gillett & Farmington Portfolio of multifamily properties located in the Asylum Hill neighborhood of Hartford, Connecticut (the “Properties” or “Portfolio”). The seven property Portfolio is situated in western Hartford at the border of the West End and Asylum Hill, two of the city’s most desirable neighborhoods. In total, the Portfolio consists of one hundred ten (110) units made up of nine (9), three-bedroom units, thirty-eight (38) two-bedroom units, thirty-eight (38), one-bedroom units and twenty-five (25) studio units. The Properties comprise 100,834 square feet of gross living area in 124,929 square feet of total area on 2.48 acres of land.
CONVENIENT LOCATION: The Portfolio is centered around the intersection of Gillett Street and Farmington Avenue, between St. Francis Hospital and Hartford Public High School, and is down the street from the popular West End Farmers’ Market. The Properties in the Portfolio are just over a mile from Downtown Hartford and the location offers convenient access to area highways, public transportation, and numerous retail amenities. The Gillett & Farmington Portfolio represents the rare opportunity to acquire a critical mass of well-located, multifamily properties in a supply-constrained rental market.
STRONG RENTAL DEMOGRAPHICS & DEMAND: More than 172,300 people live within 3-miles of the Portfolio with an average household income of $96,509. An impressive 273,500+ people live within 5-miles of the Portfolio with an average household income of $109,229. Hartford is a renter-dominated market with a homeownership rate of 23.8%, well below the national average of 63.9%.
