Monday, November 24, 2014

$16.4 Million Suburban Apartment Community Sold by IPA in Middletown, CT District


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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