A California investor has acquired a pair of Middletown apartment communities with 518 units for $62.65 million, brokers say.
Hamilton Zanze & Co., of San Francisco, purchased Middletown Brooke, with 281 units at 100 Town Brooke, and 238-unit Middletown Ridge, 100 Town Ridge, from Fairfield Midtown Ridge LLC, said broker Institutional Property Advisors. Both are in the city’s Westlake District.
Hamilton Zanze official Anthony Cianciolo said his company seeks more multifamily investments in the Northeast in coming months. The firm managed nearly 19,000 apartment units, primarily in the West and Southwest, at the end of 2017, according to its homepage.
Built in 1989 on nearly 20 acres, Middletown Brooke has eight two- and three-story wood-frame residential buildings, plus a clubhouse and leasing center.
Middletown Ridge opened in 1988 on nearly 12 acres, within nine two-, three- and four-story wood-frame residential buildings
NH Mixed-use property fetches $1.33M
A New Haven-based real estate investment firm has purchased a five-unit office and apartment building at the corner of Orange and Trumbull streets for $1.33 million, according to brokers.
Ken Ginsberg of Real Living Wareck D’Ostilio represented the buyer, Topliff Peak Enterprises Inc., while Steven Inglese of the New Haven Group represented the seller, 38 Trumbull Street Partners Inc.
The three-story, 6,300-square-foot Italianate-style structure was built in 1875 as a home for botanist William Henry Brewer. The sale closed on March 22.
Ginsberg said the property was purchased for investment, and the owner plans to repurpose the first floor offices as individual professional suites.
Leases renewed in Milford, Old Saybrook
New England Mechanical Overlay Inc. has renewed its one-year lease on 2,000 square feet at 655 Plains Road in Milford for its fabrication shop, brokers said.
The company specializes in industrial boiler repair, corrosion resistant overlay, power plant maintenance, pipe fitting, shop fabrication and other services. The landlord is D’Amato Investments LLC of Milford.
In Old Saybrook, Edward Szachewicz of River Valley Stairs, a company that installs high-end decorative stairs, railings and moldings, has signed a one-year lease on 1,600 square feet of industrial space at 167 Elm St. The landlord is Jeff Woods of Fernwood Realty LLC.
Richard Lombardo of Pearce Real Estate represented all parties in both transactions.
Natalie Missakian contributed to this story
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