Bloomfield, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, completed the sale of The Hawthorne at Gillette Ridge, a 246-unit luxury multifamily community. The $52 million sales price equates to more than $211,000 per unit.
“The property was constructed on a 612-acre, mixed-use campus in 2004 by a partnership between Cigna and The Bozutto Group,” said Victor Nolletti, an executive director of IPA’s Northeast and Florida team.
“The acquisition of this property gives the new owner significant value-add potential through high-end kitchen and bath upgrades,” said Steve Witten, also an executive director of IPA’s Northeast and Florida team.
Nolletti and Witten represented the seller, Bouwfonds Hawthorne LP and procured the buyer, White Eagle Property Group.