Hamilton Zanze Snags 518-Unit CT Portfolio for $63M
- Apr 02, 2018
Following the acquisition of a 426-unit Las Vegas community, Hamilton Zanze and Co. has purchased two residential assets located in the Westlake District of Middletown, Conn., for $62.7 million. According to Yardi Matrix, Fairfield Residential sold the 518-unit portfolio in a transaction brokered by Institutional Property Advisors (IPA), a division of Marcus & Millichap.
The properties are situated less than a mile from each other, in the northern part of city. The predominantly residential area is adjacent to I-91 and near I-691, providing easy access to New Haven, Conn., New York and Boston. Middletown has a significant national employment base, including Aerospace Techniques Inc., Pratt & Whitney, Middlesex Mutual Assurance Co. and Wesleyan University.
Middletown Brooke is situated at 100 Town Brooke and comprises 280 units. Constructed in 1989 on a 20-acre parcel, the community features 154 one-bedroom and 126 two-bedroom apartments. The property comprises eight two- and three-story wood-frame buildings, along with a clubhouse and leasing center. Middletown Ridge, located at 100 Town Ridge, was built in 1988 on nearly 12 acres. The property offers 238 units within nine, two- to four-story wood-frame structures.
IPA’s team—including executive director & lead advisor of the company’s Northeast team, Victor Nolletti, First Vice President Eric Pentore and Senior Associate Wes Klockner—represented the seller and procured the buyer.
“The Westlake District is a highly sought-after area for renters by choice, Millennials, empty-nesters and employees working in the greater New Haven to Greater Hartford metropolitan areas,” said Nolletti, in prepared remarks. “These assets are well positioned to benefit from a combination of modest amenity and unit upgrades, further enhancing an already attractive in-place yield.”
Images courtesy of Yardi Matrix