Witten and Nolletti of IPA arrange $16.4 million sale of 198 units

December 18, 2014 - Connecticut

Hunters Crossing - Middletown, CT

Steve Witten, Institutional Property Advisors

Victor Nolletti, Institutional Property Advisors

Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the $16.4 million sale of Hunters Crossing, a 198-unit apartment complex in the Westlake district.
IPA executive directors Steve Witten and Victor Nolletti represented both parties in the transaction with the assistance of Marcus & Millichap associate Eric Pentore. The seller is Middletown Apartment Associates LLC. The buyer is Hunters Crossing LLC.
"Middletown multifamily assets have a history of positive rent growth and value appreciation that outpaces those in most other regional markets," said Witten.
"Constructed in 1973 and updated in 1997-1998, Hunters Crossing provides the new owner with value enhancement opportunities through modernized interior upgrades and exterior renovations," said Nolletti.
Hunters Crossing is composed of 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments.
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