Madison Chestnut Hill and Madison Northwoods, a two-property, 650-unit multi-family portfolio located in the Westlake District of Middletown, Connecticut, with a total value of $92.5 million, were recently sold through the Institutional Property Advisors (IPA) of Marcus & Millichap.
The seller, Chestnut Hill and Northwoods Apartment Associates LLC, was represented by Nolletti, Witten, and IPA senior director Still Hunter, head of the IPA Northeast & Florida team, along with Eric Pentore, an IPA associate. Gateway Realty Holdings LTD, the buyer of the two properties, was also represented by the IPA Northeast & Florida team.
"The demographics of the district's targeted tenant base, the assets' proximity to major employment hubs, and a competitive rental market, suggest 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.
"Middletown multi-family assets have a track record of positive rent growth and value appreciation that outpaces most other markets in the region," added IPA executive director, Steve Witten.
According to the press release of Marcus & Millichap in Business Wire, both Madison Chestnut Hill and Madison Northwoods was built in 1986 and are 10 minutes south of downtown Hartford and 20 minutes north of New Haven's central business district. Madison Chestnut Hill is a 314-unit apartment in seven detached, three-storey wood-frame buildings, while Madison Northwoods is a 336-unit community with five detached, three-storey wood-frame buildings.
Each unit of Madison Chestnut Hills offers private entrances, full-size washers and dryers, and a balcony or patio, while the units in Madison Northwoods have a fully equipped kitchen, a washer and dryer, and a balcony or patio. Residents of both properties can enjoy and utilize amazing amenities such as a clubhouse, a billiards room, a library, a tennis court, an indoor racquetball court, an indoor Jacuzzi, a large swimming pool, a fitness center and a walking trail.