A Massachusetts-based company bought two large apartment complexes in Connecticut for a combined $94 million last week.
Jones Street purchased from San Francisco-based Hamilton Zanze both Middletown Brooke and Middletown Ridge apartments, which have a combined 520 units, for $47 million apiece, the Hartford Business Journal reported.
Middletown Brooke has 280 one- and two-bedroom units that average about 800 square feet, while Middletown Ridge has 236 one-, two- and three-bedroom units that average about 1,000 square feet, the HBJ said.
Both complexes were built in the late 1980s. During its ownership, Hamilton Zanze made numerous improvements to the properties, including repaving, HVAC replacements and exterior upgrades, according to a statement.
Amenities at Middletown Brooke, at 100 Town Brooke, include a clubroom, fitness center, swimming pool, dog park and barbecue areas. Amenities at Middletown Ridge, at 100 Ridge Road, include clubroom with kitchen, fitness center, indoor racquetball court, swimming pool with sundeck, laundry facility, and barbeque grilling stations.
Both properties are near Hartford and New Haven.
The deal isn’t the only recent sale of a large apartment complex in Connecticut.
In late December, Yellowstone Property Group purchased the 164-unit Reserve41 complex at 41 Wolfpit Avenue in Norwalk for 48.7 million $from Norpointe LLC, a partnership led by Greenwich-based real estate investment firm Belpointe.
In November, Brookfield Asset Management sold two multifamily complexes — the Winchester Lofts in New Haven and 1111 Stratford in Stratford — as part of a three-property, $117 million deal with Illinois-based B3 Holdings LLC. The transaction also included the 195-unit Ashton Mills in Cumberland, Rhode Island.
In February 2022, office landlord Monday Properties paid $131 million for 75 Tresser Boulevard, a 344-unit apartment building in the city’s downtown, in Stamford. Less than a decade old, the four-story property sits a few blocks from the Stamford Metro-North and Amtrak station and 677 Washington Boulevard, an office complex that recently added Philip Morris International and World Wrestling Entertainment as tenants.
— Ted Glanzer