Hamilton Zanze and Co. has purchased a residential portfolio in Middletown, Connecticut, for $62.7m. The deal includes two properties, totaling 518 units, located less than a mile from each other in the city’s Westlake district. Middletown Brooke, built in 1989, features 154 one-bedroom and 126 two-bedroom apartments, while Middletown Ridge, built in 1988, offers 238 units in nine buildings. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Fairfield Residential.
“The Westlake district is a highly sought-after area for renters by choice, millennials, empty-nesters and employees working in the greater New Haven to Greater Hartford metropolitan areas,” said Victor Nolletti of IPA. “These assets are well positioned to benefit from a combination of modest amenity and unit upgrades, further enhancing an already attractive in-place yield.”
