FPA Multifamily Buys $121M Connecticut Portfolio
The four properties total almost 700 units.
FPA Multifamily has paid $121 million for a 693-unit multifamily portfolio in Connecticut. Sun Equity Partners sold the assets, located within the Bridgeport-New Haven market.
Institutional Property Advisors represented the seller and procured the buyer. The new owner rebranded the communities under the ReNew umbrella.
The collection includes four properties: the 208-unit New Cambridge, the 180-unit Silvertree, the 205-unit Peppertree and the 100-unit Huntington Ridge.
Completed in 1969, New Cambridge is at 1175 Farmington Ave. in Bristol, Conn. The property comprises four four-story buildings with studio, one- and two-bedroom floorplans ranging from 500 to 1,060 square feet. Common-area amenities include a fitness center, a swimming pool and multiple laundry facilities, as well as a dog park.
READ ALSO: To Finance Multifamily, Get Creative
The 180-unit Silvertree is at 181 Knollwood Drive in Wallingford, Conn., and was built in 1979. The Class B community encompasses six three-story buildings with studio, one- and two-bedroom layouts, ranging between 480 and 915 square feet. Amenities consist of a swimming pool, fitness center and tennis court.
Located at 278 Meridian St. in Groton, Conn., Peppertree features 10 residential buildings across almost 19 acres. Built in 1975, the community has studio, one- and two-bedroom floorplans varying from 480 to 950 square feet. Amenities comprise a swimming pool, basketball and tennis courts and a gym.
Huntington Ridge came online in 2004 and is at 21 Henry St. in Norwich, Conn. The Class B property features four three- and four-story buildings. Apartments comprise one-, two- and three-layouts ranging between 770 and 1,190, while amenities include a fitness center, clubhouse and a playground.
IPA Executive Managing Director Victor Nolletti, Senior Vice President Eric Pentore and First Vice President Wes Klockner brokered the deal.
Multifamily sales in Bridgeport-New Haven rise
Bridgeport-New Haven’s multifamily transactions volume year-to-date as of May totaled $199.6 million from the six communities—564 units—that traded, according to Yardi Matrix information. The total sales figure is higher compared to the same period of last year, when eight assets—almost 1,070 apartments—changed hands for $171 million.
In one of the largest deals in the area so far this year, Scully Co. and True North Management Group acquired The Whit, a 230-unit community in New Haven, Conn., for $71.7 million, the same source shows. The property came online in 2023.
