Overview
Newmark has been engaged as exclusive advisor in the sale of Broadleaf Boulevard Apartments Homes, a 224 apartment community, 100% market rate multifamily asset built in 2015 located 7 miles directly east of downtown Hartford in the suburb of Manchester, Connecticut. The Property offers a value-add opportunity by implementing a light apartment and common element refresh, has approvals for 161 additional apartments, features oversized open floor plans, has a full amenity package with clubhouse, fitness center and outdoor pool while boasting strong current operations in a tight rental market.
The location is minutes from the Buckland Hills regional retail corridor that offers high end grocers, big boxes and warehouse clubs, employment that include technology, media, insurance and manufacturing firms, numerous colleges & universities in the Connecticut Knowledge Corridor and proximity to I-84 with access to the greater Hartford MSA. The average household income within 1 miles of the Property exceeds $120,000 annually.
Investment Highlights
CLASS A PROPERTY
- Community amenities feature clubhouse with fitness center, outdoor pool with sundeck, expansive park-like setting, dog park, and covered carports.
- Apartment interiors feature open floorplans, granite countertops, EnergyStar stainless steel, vinyl plank, in-unit washer & dryers, 9’ ceilings, patios & balconies.
VALUE-ADDED UPSIDE
- Based on comparable renovated apartments, upgrades can achieve up to $400 per month premiums or 25%+ return on cost.
- Apartments will benefit from tile backsplash, moveable kitchen islands, vinyl plank flooring in bedrooms, updated lighting and hardware, technology upgrades, tiled showers, lighter paint colors.
- Community-wide upgrades can include fitness center, clubhouse, work from home, pickleball courts and a pet spa.
- Phase 2 of Broadleaf Boulevard Apartments was approved in 2022 for 161 additional apartments on 26 acres
STRONG PROPERTY PERFORMANCE
- Leases signed since July ‘25 are 3.74% higher than the average in-place rents
- Since January '25, 79% of residents have renewed with current occupancy of 96%.
- Rents in the Manchester submarket forecast to grow 3.3% annually thru 2029.
- Within 1 mile of Broadleaf, average incomes exceed $120,000 annually.
EMPLOYMENT AND ENTERTAIN HUB
- Broadleaf Boulevard Apartments is located 7 miles east of downtown Hartford, which boasts $122B GDP annually and ranks in the top 10 nationally for per capita GDP.
- Major employers include Pratt & Whitney, United Steel, Aetna, Travelers and ESPN.
- Major retail within 1 mile of the property includes The Shoppes at Buckland Hills regional mall and Evergreen Walk with retailers that include Whole Foods, Target, Costco, Trader Joes, Wal-Mart and Barnes & Nobles among many others.
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