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March 3, 2023

Two Middletown apartment complexes sell for $94M

Contributed Middletown Ridge apartment complex.

Two large apartment complexes in Middletown, with a combined 518 units, were recently sold for $94 million

San Francisco-based Hamilton Zanze purchased Middletown Brooke and Middletown Ridge apartments for $62.7 million in March 2018.

The group sold the two properties to Jones Street for $47 million each in a Feb. 27 deal.

Middletown Brooke, at 100 Town Brooke, was built in 1989, and has 280 one- and two-bedroom units averaging 812 square feet. 

Amenities at both complexes include a leasing office, clubroom, fitness center, racquetball courts, swimming pool, dog park, barbecue areas, and a carport.

Middletown Ridge, at 100 Town Ridge Road, was built in 1988 and has 236 one-, two-, and three-bedroom units averaging 1,066 square feet. 

During their ownership, Hamilton Zanze made improvements including unit upgrades, additions to the amenity package, repaving, HVAC replacements, and other exterior improvements.

Anthony Ly, senior director of dispositions at Hamilton Zanze, said "Both properties … represented an opportunity for immediate scale and to improve the resident experience through unit renovations and property-wide improvements."

Hamilton Zanze, founded in 2001, is a private, San Francisco-based real estate investment company that says it owns and operates apartment communities, having  acquired more than $6.2 billion in multifamily assets primarily in the western, southwestern, and eastern U.S. The company currently owns and operates 132 properties with 22,821 units across 17 states and 30 markets. It said.  

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