MIDDLETOWN, CT –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Town Place Apartments (top left photo), a 166-unit complex in the highly regarded West Lake district of Middletown.
The sales price of $18,600,000 represents $112,048 per unit.
Steve Witten (middle right photo) and Victor Nolletti (lower left photo) senior directors in the New Haven office of IPA, represented the seller, CAPREIT Town Place LP. IPA also represented the buyer, Baker Middletown LLC.
“The new owner of Town Place has acquired an exceptionally well-maintained and well-managed rental asset ideally located between New York City and Boston,” says Witten.
“With easy access to major highways, a beautiful woodland setting in a region with high barriers to entry, Town Place Apartments will provide the new owner with nominal risk and long-term stability in one of the Northeast’s strongest rental markets.”
Developed in 1987 on 13.3 acres, the property is located at 10 Town Place, near Interstates 91 and 84. The asset is situated 10 minutes from downtown Hartford and 20 minutes from New Haven. The community consists of seven two-, three- and four-story buildings with a mix of 78 one-bedrooms, 62 two-bedrooms and 26 three-bedrooms.
Middletown lies along the banks of the Connecticut River in Middlesex County. Just 90 minutes from New York City and less than two hours from Boston, Middletown has several city parks and hiking trails. It is also home to numerous retail centers, schools, hotels and employment centers.
The institutionally owned and operated community recently commenced a number of capital improvements and unit upgrades that will enable the new ownership to raise rents by $125 a month, according to Nolletti.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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