Navarino Acquistions has closed on a six property portfolio in central Connecticut in a $90 million deal. Totaling 741 units, the acquisition traded for just over $121,455 per rental. The seller, a series of Delaware LLCs controlled by a large REIT, was represented by Marcus & Millichap’s Institutional Property Advisors. Made up of primarily workforce housing properties, the portfolio is spread between Farmington, Enfield, Vernon, Ellington, and Newington. “The central Connecticut market, specifically in the ‘workforce housing’ segment, is opportunistic,”stated Victore Noletti, Marcus & Millichap. ”There is a significant rent delta between the existing multifamily stock and new construction.” He said much of the existing stock hasn’t been renovated so property upgrades can help close the new stock rent gap.
