Marcus & Millichap Sells Two Apartment Communities in Middletown, CT for $75M

MIDDLETOWN, CT – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of two Class A multi-family complexes – Chestnut Hill Apartments (bottom left photo) and Northwoods Apartments (top right photo) – in Middletown.

The sales price of the portfolio is $75 million, which represents $115,385 per unit.

Steve Witten and Victor Nolletti, both vice presidents investments and senior directors of Marcus & Millichap’s National Multi Housing Group in New Haven, represented the seller, a local limited partnership. Witten and Nolletti also represented the buyer, a limited liability company.

“This centrally located portfolio, which provides the new ownership with efficiency of management, consists of two luxury garden-style multi-family communities in supply constrained markets with significant barriers to entry,” says Witten.

Located at 5 Town Colony Drive, the 314-unit Chestnut Hill Apartments includes seven 3-story buildings situated on 29.44 acres. The multi-family community includes 140 one-bedroom units, 26 two-bedroom units, 104 two-bedroom/two-bath units and 44 three-bedroom/two-bath units with fireplaces.

Located at 1 Dove Lane, the 336-unit Northwoods Apartments consists of five three-story buildings situated on 17.37 acres.

The complex includes 186 one-bedroom units, 48 two-bedroom units and 102 two-bedroom/two-bath units

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Both properties feature such community amenities as a clubhouse, business center, billiards room, library, tennis and racquetball courts, indoor Jacuzzi and large swimming pool, state-of-the-art fitness center and pet-friendly community

Press Contact: Stacey Corso, Communications Department, (925) 953-1716