Paredim Partners Acquires $27M CT Community
- Jul 20, 2018
An affiliate of Paredim Partners has acquired The Arbors at Brighton Park, a multifamily community in Bloomfield, Conn. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Bloomfield Realty Partners LLC and procured the buyer in the $26.9 million sale.
Located at 627 Brighton Park Way, the 132-unit community offers one-, two- and three-bedroom units ranging from 717 to 1,327 square feet. Built in 2017, the asset features four, three-story buildings. According to Yardi Matrix, the property was 78.8 percent occupied as of April 2018. Interior features include private balcony/patios, washer/dryers, walk-in closets, hardwood-style flooring, built-in USB outlets, oversized garden-style soaking tubs and custom kitchens with pantry cabinets, islands and stainless steel appliances. Community amenities include:
- resident clubhouse
- cyber cafe
- coffee bar
- grills and verandas
- children’s playroom
- state-of-the-art fitness center
- heated salt water swimming pool
- 24/7 emergency maintenance
- dog park
- 417 parking spaces
- outside storage
The sales team included IPA’s Senior Managing Director & Lead Advisor Victor Nolletti and First Vice President Eric Pentore, along with Marcus & Millichap Senior Associate Wes Klockner.
The Arbors at Brighton Park offer nearby access to major employers including Cigna, Hartford Finance Services Group, St. Paul Travelers, United Technologies, Aetna and Hartford Hospital. The 14-acre property is also within close proximity to The University of Hartford, the University of Connecticut Law School, Trinity College and the 800-acre Penwood State Park.
Earlier this month, IPA brokered the $41 million sale of Adobe Ridge in Glendale, Ariz., on behalf of the seller, The Praedium Group. The 224-unit property was acquired by Aukum Group and the sale was subject to a $25.3 million Freddie Mac loan, originated by CBRE Capital Markets.
Image courtesy of Institutional Property Advisors