Marcus & Millichap Facilitates $52M Connecticut Multifamily Sale
- May 31, 2016
Bloomfield, Conn.—Marcus & Millichap’s Institutional Property Advisors division has recently arranged the sale of a 246-unit multifamily asset in Bloomfield, Conn.
IPA facilitated the $52 million sale—more than $211,000 per unit—of The Hawthorne at Gillette Ridge, a luxury multifamily community located just 4 miles from the I-91 at 2 Francis Way. The community offers residents easy access to the area’s upscale dining, shopping and entertainment destinations, and is near employers such as United Technologies, Bank of America, St. Francis Hospital and the Hartford Services Group.
Victor Nolletti and Steve Witten, both executive directors in IPA’s Northeast and Florida teams, represented the seller, Fairfield Residential, and also procured the buyer, White Eagle Property Group. Fairfield acquired the asset back in 2007 from The Bozzuto Group for $52.5 million, according to Yardi Matrix.
“The property was constructed on a 612-acre mixed-use campus in 2004 by a partnership between Cigna and The Bozzuto Group,” said Nolletti in prepared remarks. “The construction quality and proximity to West Hartford, and to Hartford’s central business district, make The Hawthorne at Gillette Ridge one of the most desirable properties in the market.”
“The acquisition of this property gives the new owner significant value-add potential through high-end kitchen and bath upgrades,” added Witten.
Community amenities include fitness and business centers, controlled access, tennis and volleyball courts, swimming pool and 480 parking spaces. Each residential unit features a full-size washer and dryer, fireplace, microwave oven, high-speed internet access, hardwood floors, vaulted ceiling and above-standard ceiling height.
Image courtesy of Yardi Matrix