Beachwold Residential Secures $68M for Connecticut Luxury Buy
JLL Capital Markets provided the loan for the new-build purchase.
Beachwold Residential has obtained $68.3 million in acquisition financing for the purchase of Millyard at Meadow Commons, a 263-unit luxury community located in Newington, Conn. Truist Bank issued the five-year, fixed-rate loan, which was arranged by JLL Capital Markets.
The current owner of Millyard at Meadow Commons is Grossman Development Group, according to Yardi Matrix. South Oxford Management serves as the property manager for the community, which opened in 2024.
The property is comprised of three four-story buildings with a mix of studios, one-, two- and three-bedroom units which average 954 square feet. It is currently 92.2 percent occupied, Yardi Matrix shows.
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Units include quartz countertops, stainless steel appliances, keyless entry systems and in-unit laundry. Residents can also opt for units with private yards and balconies.
Community amenities include a clubroom lounge with community kitchen, a fitness center with yoga room, a pool and a pet spa, in addition to coworking spaces and outdoor lounge areas. The property also features garage parking and EV charging stations.
Located at 98 Pane Road, the property sits within the Meadow Commons mixed-use district, which contains numerous walkable dining and retail options for residents. The property provides close access to the Berlin Turnpike, also known as U.S. Route 5. Interstate 91 is about 7 miles away.
The JLL Capital Markets Debt Advisory team that arranged the financing was led by Senior Managing Directors Mona Carlton, Thomas Didio and Thomas Didio Jr., Associate Michael Mataras and Analyst Tyler Caricato.
Bridgeport-New Haven’s Growing Transaction Activity
Bridgeport-New Haven recorded upwards of $755 million in multifamily transaction activity in the past 12 months, according to Yardi Matrix data. More than 3,100 total units changed hands, for an average price of about $241,600 per unit.
Those figures are an increase from the previous 12 months, when the area recorded a sales volume upwards of $644 million across about 2,600 units, with an average per-unit cost of around $219,400.
