MARCUS & MILLICHAP ARRANGES $75 MILLION APARTMENT SALE

MIDDLETOWN, CONN. — Marcus & Millichap has arranged the sale of a 650-unit, Class A apartment portfolio for $75 million. Located in Middletown, the portfolio comprises Chestnut Hill Apartments and Northwoods Apartments. Chestnut Hill is situated on 29.44 acres at 5 Town Colony Dr.; it contains 314 one- and two-bedroom units in seven three-story buildings. Northwoods is situated on 17.37 acres at 1 Dove Lane; it contains 336 units in five three-story buildings. Both properties feature a clubhouse, a business center, a billiards room, a library, tennis and racquetball courts, an indoor hot tub, a swimming pool and a fitness facility. Steve Witten and Victor Nolletti of Marcus & Millichap’s New Haven, Conn., office represented the sellers, Middletown-Oxford LP and Connecticut Colony Associates LP, as well as the buyers, Northwoods Apartment Associates LLC and Chestnut Apartment Associates LLC. The portfolio traded at a price of $115,385 per unit.