The sale and financing of Heirloom Flats, a 215-unit, Class A apartment complex in Bloomfield, Connecticut, achieved several significant milestones. The deal was the largest property sale in the Hartford metropolitan area in 2024 and set new benchmarks for gross purchase price and price per unit for the region.
The property's sale, arranged by a team at Walker & Dunlop, achieved a record sale price of $63.65 million, or $296,047 per unit. This surpasses the record set in the previous sale of the same property in 2018 for $61.5 million, which was also arranged by Walker & Dunlop.
The sale reflects the thriving market for apartments in the metropolitan Hartford area and netted a robust return on investment for the seller, Wafra. One notable aspect of the property is that it generates enhanced cash yields due to a tax agreement in place until June 2026, further enhancing its appeal to investors.
The buyer of Heirloom Flats, Beachwold Residential, has an extensive portfolio of apartments in the region and is familiar with the in-place tax abatement, which helped to ensure a smooth and successful transaction closure.
In recognition, the deal earned a 2025 CoStar Impact Award for sale of the year in the Hartford market, as judged by a panel of local real estate professionals.
About the deal: Heirloom Flats was brought to market in September 2023 amid volatile conditions in the broader capital markets precipitated by a significant rise in interest rates. Despite the challenging conditions, Walker & Dunlop's marketing efforts attracted 15 initial offers from a mix of private high-net worth investors, family offices and institutional investors with closed-end funds and separate accounts.
Beachwold Residential emerged as the preferred buyer during the second round of bidding, demonstrating not only competitive pricing but also a proven track record in Connecticut real estate.
What the judges said: "Heirloom Flats is the gift that keeps on giving, an impressive property with wonderful investment results," said Mark Greenberg of MGRE Co.
“This was the clear winner based on the size of the deal and the work that it took to develop such a project," added Kerry Wood of New England Retail Properties.
They made it happen: The Walker & Dunlop team that arranged the sale of Heirloom Flats included Senior Vice President and Managing Director Travis D’Amato, Senior Vice President Michael Coyne, Investment Sales Associate Director Maggie McFarland and Senior Directors Brendan Shields and Kevin Gleason.
Other key players in the deal were Alison Pepe, managing director at Wafra, and Amir Hazan, chief investment officer at Beachwold Residential.
Taylor Williams, managing director at Walker & Dunlop, arranged financing for the deal.