Central CT apartments sold in $90M deal
A six-property, 741-unit multifamily apartment portfolio spread across central Connecticut has been sold for $90 million, according to the deal’s broker New Haven-based Marcus & Millichap.
The commercial real estate specialist said the sales price equates to $121,457 per unit. Its Institutional Property Advisors (IPA) division completed the sale. The properties are located in central Connecticut’s Farmington Valley, and in Hartford and Tolland counties.
The properties are Summit and Birch Hill Apartments, 13 buildings, 186 units, in Farmington; Fox Hill Apartments, 23 buildings, 168 units, in Enfield; Briar Knoll Apartments, 15 buildings, 150 units, in Vernon; High Meadow Apartments, six buildings, 100 units, in Ellington; Bradford Commons, eight buildings, 64 units, and Woodbridge Apartments, six buildings, 73 units, both in Newington.
Victor Nolletti, an executive director of IPA’s Northeast and Florida team, represented the seller, a series of Delaware limited liability companies controlled by a large real estate investment trust. The buyer is a Connecticut-based owner-operator, Navarino Acquisitions LLC.
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