Beachwold Residential Acquires Connecticut Asset

Beachwold Residential has acquired Huntington Townhomes, a 99-unit asset in Shelton, Conn. Inland Real Estate Group sold the property, while JLL issued a $29.5 million Freddie Mac loan set to mature in 2029, Yardi Matrix data shows.

Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale.

The asset previously traded in 2017—dubbed Avalon Huntington at the time—when Inland bought the property from AvalonBay Communities, according to the same source.

IPA Executive Managing Director Victor Nolletti said, in prepared remarks, that Huntington Townhomes features a build-to-rent structure and provides a value-add opportunity.

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Completed in 2008, the community comprises 86 townhomes and 13 two- and three-bedroom apartments averaging 1,414 square feet. Select units feature gas fireplaces, as well as direct-access garages. Amenities consist of a gym, swimming pool and resident lounge.

Located on 7 acres at 100 Avalon Drive, Huntington Townhomes is roughly 8 miles northeast of downtown Bridgeport, Conn. The community is within walking distance of the Roosevelt Forest and Trap Falls Reservoir—Shelton’s largest water body.

IPA Nolletti alongside Senior Vice President Eric Pentore, as well as Marcus & Millichap First Vice President Wes Klockner and Senior Associate Ross Friedel, represented the seller and procured the buyer.

Advertised rents and unit prices go up in Bridgeport-New Haven

During the first nine months of this year, more than 1,480 units traded in Bridgeport-New Haven for upward of $230 million—averaging about $154,900 per unit—Yardi Matrix data shows. Investors purchased north of 2,330 units during the same period last year, however, the average apartment sale price was about $140,000.

The pricier units correlate with an increase in the advertised asking rate, as growth clocked in at 5.4 percent year-over-year through August.