JLL Capital Markets arranges the $27 million sale of Blueway Commons

Haddam, CT JLL Capital Markets arranged the $27 million sale of Blueway Commons, an 88-unit multifamily community.

JLL represented the seller, Elm Tree Communities. The buyer was RAK Realty.

Blueway Commons, located at 3 Brookes Ct., offers direct access to Rte. 9 with connectivity to I-91 and 95, positioning residents within 30 minutes of Hartford and 25 minutes of New Haven. The property sits in the scenic Connecticut River Valley, an area with an average household income of $159,000 and proximity to major employers such as Yale University, Pratt & Whitney and Wesleyan University.

Blueway Commons, completed in two phases between 2023 and 2025, features spacious one- and two-bedroom apartments across five two-story residential buildings on 6.47 acres. The newly constructed Class A community achieved 99% occupancy after completion, demonstrating a strong demand for housing in the area. Units include granite countertops, stainless steel appliances, luxury bathrooms and private patios or balconies. Community amenities include a clubhouse with a coffee bar, a 24-hour fitness center, an outdoor kitchen with a pergola and professionally landscaped grounds with gathering spaces.

The property is 89% market-rate with 78 market-rate units and 10 workforce housing units. Average unit size is 967 s/f, with 148 surface parking spaces serving residents.

JLL Capital Market’s investment and sales advisory team, representing the seller, was led by managing directors Jon Bryant, John Flaherty and Steve Simonelli.

Connecticut’s multifamily market continues to demonstrate resilience, with the Greater Hartford submarket experiencing 24% rent growth and maintaining 95% occupancy over the past five years. Haddam’s restricted new supply and strong demographic fundamentals create favorable conditions for multifamily investment in the region.

“RAK Realty was ultimately chosen given their local ownership and certainty of execution,” said Bryant. “Blueway Commons’ rapid lease-up and Class A construction quality in a supply-constrained submarket made it an exceptional investment opportunity in Connecticut’s dynamic multifamily market.”

“Blueway Commons reflects exactly what we set out to build at Elm Tree Communities — a thoughtfully designed, sustainably operated community that residents are proud to call home,” said Jeff Hartmann, founder and president of Elm Tree Communities. “The rapid lease-up and stabilization of this Class A community underscore the enduring demand for high-quality rental housing in the Connecticut River Valley. We thank the JLL team for their execution and welcome RAK Realty as the community’s new stewards.”

Elm Tree Communities, a next-generation multifamily developer based in Old Saybrook, Connecticut, designed and developed Blueway Commons, delivering the community in two phases between 2023 and 2025 to meet growing demand for high-quality, amenity-rich rental housing in the Connecticut River Valley. RAK Realty plans to continue operating the stabilized asset as a premium rental community serving the region’s affluent demographic base.