Jones Street Investment Partners Acquires 518-Unit Multifamily Portfolio in Middletown
Boston, MA-based multifamily real estate investment firm Jones Street Investment Partners, LLC has purchased two-property, 518-unit multifamily portfolio in Middletown, CT from Hamilton Zanze.
Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors, a division of Marcus & Millichap, represented San Francisco, CA-based Hamilton Zanze and procured Jones Street Investment Partners, LLC.
“This strong, highly desirable dual-commuter multifamily market has historically demonstrated positive rent growth and value appreciation,” said Noletti. “The assets in the portfolio provide the buyer with stable in-place cash flow and significant, proven value-add opportunities.”
The 1988-constructed properties, 238-unit Middletown Ridge and 280-unit Middletown Brooke, are located off Interstate 91 in Middletown’s Westlake District. Middletown Ridge includes clubhouse, swimming pool, racquetball court and laundry facilities. Middletown Brooke’s hared amenities include a swimming pool, fitness center, and picnic area.