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Three-Building Apartment Portfolio Near UConn Sold For $5.2M

Mar Lea

Prospect-based Axela Group has acquired a 91-unit portfolio of three apartment buildings in Ashford and Mansfield from Harvest Properties for $5.2 million, or $57,000 per unit.

The Mar-Lea Park Apartments, located at 57-69 Varga Road in Ashford, comprises 24 multifamily units and a single-family home on 2.5 acres.

The Woodlawn Apartments, located at 80 Bicknell Road in Ashford, includes 34 multifamily units on an 11-acre parcel. The Wood’s Edge Apartments, located at 264 Mount Hope Road in Mansfield Center, comprises 32 units situated on 10.7 acres.

Northeast Private Client Group’s Bradley Balletto and Edward Jordan represented the seller and sourced the buyer.

“The I-84 East/UConn submarket continues to deliver rent growth and asset appreciation,” Balletto said in a statement.