Institutional Property Advisors (IPA), a division of Marcus & Millichap, finalized the sale of the Central & Southeast Connecticut Portfolio, a four-property, 693-unit multifamily portfolio spanning New Haven, Hartford and New London counties. The portfolio traded for $121 million.
The properties include New Cambridge, 208 units in Bristol; Silvertree, a 180-unit asset in Wallingford; Peppertree, a 205-unit property in Groton; and Huntington Ridge, 100 units in Norwich. All are located near major employers, such as General Dynamics Electric Boat, ESPN, Pfizer, Bristol Hospital, and Lawrence + Memorial Hospital.
“This 100% market-rate suburban portfolio is located in the most resilient segment of Connecticut’s multifamily market where well-located Class B to B+ assets continue to consistently deliver high occupancy, steady rent growth, and strong cash flow,” said Victor Nolletti, IPA executive managing director investments. Nolletti, along with IPA’s Eric Pentore and Wes Klockner, represented the seller, Sun Equity Partners, and procured the buyer, FPA Multifamily LLC.
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