Gateway Realty Holdings has picked up a two multi-family properties in the Westlake District of Middletown, CT. The $92.5 million sale was for the Madison Chestnut Hill and Madison Northwoods apartments located south of downtown Hartford. Madison Chestnut Hill was built in 1986 and has 314 apartments in seven detached, three-story wood-frame buildings. Also constructed in 1986, Madison Northwoods is a 336-unit community with five detached, three-story wood-frame buildings. Trading for over $142,000 per unit, both properties feature a clubhouse, billiards room, indoor racquetball court, indoor jacuzzi, a swimming pool, fitness center and a walking trail. Marcus & Millichap’s Institutional Property Advisors division arranged the sale.
“The demographics of the district’s targeted tenant base, the assets’ proximity to major employment hubs, and a competitive rental market suggests that this portfolio provides the new owner with an opportunity to realize significant revenue upside through modest enhancements to units, common areas and amenities,” said Victor Nolletti, an IPA executive director of Marcus & Millichap.
