Institutional Property Advisors (IPA), a division of Marcus & Millichap, dedicated to serving the company’s institutional clients, announced the sale of The Arbors at Brighton Park, a 132-unit multifamily asset in Bloomfield, Connecticut.
Completed in 2017, The Arbors at Brighton Park is a controlled-access community that has a clubhouse with a cybercafé and coffee bar, grills, and verandas.
“The property is a fully amenitized, niche asset providing for stable in-place returns with operational upside at a very competitive basis,” said Victor Nolletti, IPA executive managing director investments. Nolletti and IPA’s Eric Pentore and Wes Klockner, represented the seller, Paredim Communities, and procured the buyer, Beachwold Residential LLC.
The Arbors at Brighton Park is 1.5 miles from Bloomfield Town Center, six miles from West Hartford Center, Blue Back Square, and the Hartford central business district. Interstate 91 is nearby, and the University of Hartford and the University of Connecticut are within proximity. Commuter rail service is within a short drive at the CT Rail Hartford line’s Windsor station. Employers in the vicinity include General Dynamics Electric Boat, Pratt & Whitney, Hartford HealthCare, and Eversource Energy.
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.
