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Institutional Property Advisors Closes 518-Unit Central Connecticut Multifamily Portfolio Sale

March 16, 2023
MIDDLETOWN, Conn., March 16, 2023 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a two-property, 518-unit multifamily portfolio in Middletown, Connecticut.

“Located between Hartford and New Haven, Middletown draws residents from employment centers in both cities,” said Victor Nolletti, IPA executive managing director investments. “This strong, highly desirable dual-commuter multifamily market has historically demonstrated positive rent growth and value appreciation. The assets in the portfolio provide the buyer with stable in-place cash flow and significant, proven value-add opportunities.” Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, Hamilton Zanze, and procured the buyer, Jones Street Investment Partners LLC.

Located on the west bank of the Connecticut River, Middletown is accessible from Interstate 84 and Connecticut routes 9, 217, and 372. Train service from Union Station is within a short drive. Middletown’s employment base includes Pratt & Whitney, Middlesex Mutual Assurance Co., Aerospace Techniques Inc., and Wesleyan University.

The properties, 238-unit Middletown Ridge and 280-unit Middletown Brooke, are located off Interstate 91 in Middletown’s Westlake District. Middletown Ridge was built in 1988 on 12 acres. Community amenities include a clubhouse, swimming pool, racquetball court and laundry facilities. Apartments have vaulted ceilings and wood-style flooring. The average unit size is 1,066 square feet. Constructed in 1988, Middletown Brooke’s apartments have walk-in closets, private patios or balconies, and kitchen pantries. Shared amenities include a swimming pool, fitness center, and picnic area.


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About Institutional Property Advisors (IPA)

Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit

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