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| Steve Witten |
MIDDLETOWN, CT – Institutional Property Advisors (IPA), a
division of Marcus & Millichap serving the needs of institutional and major
private real estate investors, has arranged the sale of Hunters Crossing,
a 198-unit apartment complex in the Westlake district of Middletown, Conn. The
$16.4 million sales price equates to $82,800 per unit.
IPA
executive directors Steve Witten and Victor Nolletti represented
both parties in the transaction with the assistance of Marcus & Millichap
associate Eric Pentore. The seller is Middletown Apartment Associates
LLC. The buyer is Hunters Crossing LLC.
“Middletown multifamily assets have a history of positive
rent growth and value appreciation that outpaces those in most other regional
markets,” says Witten.
“Constructed in 1973 and updated in 1997-1998, Hunters
Crossing provides the new owner with value enhancement opportunities through
modernized interior upgrades and exterior renovations,” adds Nolletti.
 |
| Victor Nolletti |
The property is located at One Russet Lane in Middletown,
which is 10 minutes from downtown Hartford, 20 minutes to New Haven and 30
minutes from the Connecticut shoreline.
The location provides easy access to
interstates 91 and 691 and Route 9 and is 90 minutes from New York City and less
than two hours from Boston.
Hunters Crossing is composed of 60 studios, 114 one-bedroom
units and 24 one-bedroom loft/garden-style apartments.
Each first-floor unit
has a patio, all second- and third-floor one-bedroom apartments have two
outdoor decks and the loft units offer a third rooftop deck.
The units feature
spacious floor plans with oversized closets, kitchens with a full complement of
appliances, breakfast bars and private storage areas in select units and lake
and woodland views. Community amenities include a swimming pool with sundeck
and cabana, a beach volleyball court, a picnic and grilling area, on-site
laundry and a nature trail.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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