Town Place Apartments in Middletown has sold for $18.6 million at a time when rental occupancy levels and rents are climbing nationwide, authorities say.
The 166-unit luxury complex in Middletown’s West Lake district drew a price of $112,048 per unit.
Baker Middletown LLC bought the 25-year-old property from CAPREIT Town Place LP.
New Haven-based Marcus & Millichap’s newly formed multifamily division, Institutional Property Advisors, brokered the sale.
Town Place consists of seven two-, three- and four-story buildings with a mix of 78 one-bedrooms, 62 two-bedrooms and 26 three-bedrooms.Â
Common amenities include a T-shaped swimming pool, remodeled clubhouse, fitness center and gated access.
According to brokers Steve Witten and Victor Nicoletti, said recent upgrades to the complex should allow the new landlord to raise monthly rents  between  $100 to $125.
