Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of the Central & Southeast Connecticut Multifamily Portfolio, a four-property, 693-unit multifamily portfolio spanning New Haven, Hartford and New London counties.
“This 100% market-rate suburban portfolio is located in the most resilient segment of Connecticut’s multifamily market where well-located Class B to B+ assets continue to consistently deliver high occupancy, steady rent growth, and strong cash flow,” said Victor Nolletti, IPA executive managing director investments. “The portfolio provides immediate scale, operational efficiency, and significant revenue upside potential.” Nolletti, along with IPA’s Eric Pentore and Wes Klockner represented the seller, Sun Equity Partners, and procured the buyer, FPA Multifamily LLC.
The properties are located near major employers such as General Dynamics Electric Boat, ESPN, Pfizer, Bristol Hospital, and Lawrence + Memorial Hospital. The unit mix includes studios, one- and two-bedroom apartments.
The assets are New Cambridge, 208 units built in 1969 in Bristol; Silvertree, a 180-unit property constructed in 1976 in Wallingford; Peppertree, a 205-unit asset built in 1975 in Groton; and Huntington Ridge, 100 units constructed in 2004 in Norwich.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
