🔒San Francisco realty investor pays $121M for CT apartment portfolio

A portfolio of four Connecticut apartment properties with a combined 693 market-rate units has sold for $121 million, making it one of the state’s largest deals this year. The properties involved in the sale — according to Institutional Property Advisors (IPA), which brokered the deal — include:

• New Cambridge, 208 units built in 1969 in Bristol (1175 Farmington Ave.) sold for $28.7 million;
• Silvertree, a 180-unit property constructed in 1976 in Wallingford (181 Knollwood Dr.) sold for $32.8 million;
• Peppertree, a 205-unit asset built in 1975 in Groton (278 Meridian St.) sold for $37.8 million;
• and Huntington Ridge, 100 units constructed in 2004 in Norwich (21 Henry St.) sold for $21.7 million.

The unit mix includes studios, one- and two-bedroom apartments. The properties are located near major employers such as General Dynamics Electric Boat, ESPN, Pfizer, Bristol Hospital, and Lawrence + Memorial Hospital. The buyer was FPA Multifamily LLC, a San Francisco-based privately held real estate investment firm that says it has owned over 165,000 apartment units valued at over $26 billion. FPA says it’s currently investing through two funds targeting over $7 billion in assets combined. The seller was New Jersey-based Sun Equity Partners. “This 100% 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, IPA executive managing director investments. “The portfolio provides immediate scale, operational efficiency, and significant revenue upside potential.” Nolletti, along with IPA’s Eric Pentore and Wes Klockner represented the seller and procured the buyer.