Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire WICKHAM GARDENS, a 93-unit 100% market rate value-add garden-style housing community located in East Hartford, Connecticut, less than 300 yards from the border of Manchester, Connecticut. The Offering consists of 93 condos, the vast majority of a 100-unit, seven-building condominium. The property provides an investor with the chance to purchase a market rate, suburban garden-style housing asset that is located minutes to Hartford’s CBD and a diverse set of employers in the healthcare, defense, insurance, education, and service sectors. Originally built in 1963, Wickham Gardens is comprised of seven, two-story residential buildings on 6.7 acres adjacent to the picturesque Hockanum River. The property is directly across the street from Wickham Park in Manchester – a beautiful 280-acre non-profit private foundation featuring open fields, gardens, ponds, picnic areas, woodlands, sports facilities, and event spaces. Average rents in Manchester are 19.4% higher than those in East Hartford, according to data from Zillow, Zumper, and Rent.com. The Offering features 51 one-bedroom apartments, 41 two-bedroom units, one three-bedroom apartment, 138 surface spaces, and 11 garages. The seven condominiums under individual ownership are all two-bedroom apartments, and three additional garages are currently under private ownership. Acquiring the remaining condos and garages, bringing all under single ownership, increases inherent value.