Hamilton Zanze Sells 518-Unit Connecticut Portfolio

Middletown Brooke. Image courtesy of Yardi Matrix

Hamilton Zanze has sold Middletown Ridge and Middletown Brooke, two properties totaling 518 units in Middletown, Conn. The buyer was Jones Street, public records show.

HZ had acquired the portfolio in 2018 from Fairfield Residential for a combined $62.7 million, according to Yardi Matrix data. During its ownership, the firm has implemented multiple renovation packages at the two properties.

Director of Depositions Anthony Ly stated, in prepared remarks, that the five years in which the company executed its business plan for the assets represents half of the hold period projected at the time of their acquisition.

The firm has kept active on the East Coast. Last summer, HZ acquired a 255-unit property in the Baltimore area.

Two neighboring Middletown communities

Completed in 1988 at 100 Town Ridge, Middletown Ridge encompasses nine buildings incorporating 238 one-, two- and three-bedroom units that range from 582 to 1,452 square feet. Interiors feature in-unit washers and dryers for most floorplans and fireplaces in select units. Community amenities include a fitness center, a clubhouse, a swimming pool and laundry facilities, as well as 410 parking spaces.

The 280-unit Middletown Brooke came online in 1989 at 100 Town Brooke. The community comprises one- and two-bedroom apartments, averaging 812 square feet, across eight buildings. Its common-area amenities include a fitness center and dog park, among others.

Located less than 1 mile from each other, the communities are right off Interstate 91, providing accessibility toward large metros such as New York City or Boston. They are also roughly 14 miles south of downtown Hartford and some 25 miles from New Haven.