IPA Negotiates Sale of 518-Unit Multifamily Portfolio in Middletown, Connecticut

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of two multifamily properties totaling 518 units in Middletown, located roughly midway between Hartford and New Haven. The 238-unit Middletown Ridge was built in 1988 on 12 acres. Units have an average size of 1,066 square feet, and amenities include a clubhouse, pool, racquetball court and onsite laundry facilities. The 280-unit Middletown Brooke was constructed in 1988 and features a pool, fitness center and a picnic area. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, San Francisco-based investment firm Hamilton Zanze, in the transaction. The trio also procured the buyer, Boston-based Jones Street Investment Partners.