MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in the Westlake District of Middletown. The 650-unit portfolio sold for $92.5 million, or $142,000 per unit. The portfolio includes Madison Chestnut Hill, which was built in 1986 and features 314 apartments, and the 336-unit Madison Northwoods, which was also built in 1986. Both properties offer a variety of community amenities, including clubhouses, billiards rooms, libraries, tennis courts, swimming pools and fitness centers. Victor Nolletti, Steve Witten, Still Hunter and Eric Pentore of IPA represented the seller, Chestnut Hill and Northwoods Apartments Associates LLC, and procured the buyer, Gateway Realty Holdings LTD.
The 314-unit Madison Chestnut Hill (left) and the 336-unit Madison Northwoods (right) were acquired by Gateway Realty Holdings.
IPA Brokers $92.5M Sale of Two-Property Multifamily Portfolio in Connecticut
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