FPA Multifamily has acquired the Central & Southeast Connecticut Portfolio, a four-property, 693-unit multifamily portfolio spanning New Haven, Hartford and New London counties. The portfolio traded for $121 million.
“This 100 percent market-rate suburban portfolio is located in the most resilient segment of Connecticut’s multifamily market where well-located class B to B+ assets continue to consistently deliver high occupancy, steady rent growth and strong cash flow,” said Victor Nolletti, executive managing director investments at IPA. “The portfolio provides immediate scale, operational efficiency and significant revenue upside potential.”
IPA represented the seller, Sun Equity Partners, and procured the buyer.
The properties are located near major employers such as General Dynamics Electric Boat, ESPN, Pfizer, Bristol Hospital and Lawrence + Memorial Hospital. The unit mix includes studios, one- and two-bedroom apartments.
The assets inc
