NEW HAVEN, Conn.— Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI) that serves institutional real estate clients, announced the sale of a four-property multifamily portfolio in Central and Southeast Connecticut for $121 million. The portfolio includes 693 market-rate units spread across New Haven, Hartford, and New London counties.
The seller, Sun Equity Partners, was represented by Victor Nolletti, Executive Managing Director at IPA, along with Eric Pentore and Wes Klockner. The buyer, FPA Multifamily LLC, a national real estate investment firm, was also procured by IPA.
“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 Nolletti. “The portfolio provides immediate scale, operational efficiency, and significant revenue upside potential.”
The four properties in the portfolio are:
New Cambridge – 208 units, built in 1969, located in Bristol
Silvertree – 180 units, built in 1976, located in Wallingford
Peppertree – 205 units, built in 1975, located in Groton
Huntington Ridge – 100 units, built in 2004, located in Norwich
The portfolio benefits from its proximity to major Connecticut employers, including General Dynamics Electric Boat, ESPN, Pfizer, Bristol Hospital, and Lawrence + Memorial Hospital. Each property features a mix of studio, one-bedroom, and two-bedroom apartments, positioned to serve a broad demographic of renters.
The sale underscores strong investor demand for quality suburban multifamily assets in the Northeast, especially in locations with durable job markets and limited new supply.
This transaction marks another significant deal in IPA’s track record of handling large-scale multifamily portfolios, reinforcing the firm’s presence in the Connecticut and broader New England markets.
