Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of a two-property, 518-unit multifamily portfolio in Middletown, Connecticut.
“Located between Hartford and New Haven, Middletown draws residents from employment centers in both cities,” said Victor Nolletti, IPA executive managing director investments. “This strong, highly desirable dual-commuter multifamily market has historically demonstrated positive rent growth and value appreciation. The assets in the portfolio provide the buyer with stable in-place cash flow and significant, proven value-add opportunities.” Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, Hamilton Zanze, and procured the buyer, Jones Street Investment Partners LLC.
Located on the west bank of the Connecticut River, Middletown is accessible from Interstate 84 and Connecticut routes 9, 217, and 372. Train service from Union Station is within a short drive. Middletown’s employment base includes Pratt & Whitney, Middlesex Mutual Assurance Co., Aerospace Techniques Inc., and Wesleyan University.
The properties, 238-unit Middletown Ridge and 280-unit Middletown Brooke, are located off Interstate 91 in Middletown’s Westlake District. Middletown Ridge was built in 1988 on 12 acres. Community amenities include a clubhouse, swimming pool, racquetball court and laundry facilities. Apartments have vaulted ceilings and wood-style flooring. The average unit size is 1,066 square feet. Constructed in 1988, Middletown Brooke’sapartments have walk-in closets, private patios or balconies, and kitchen pantries. Shared amenities include a swimming pool, fitness center, and picnic area.
