Institutional Property Advisors arranges $17.18 million sale of 78-unit Mallory Ridge Apartments

Mallory Ridge Apartments - Bloomfield, CT

Bloomfield, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has arranged the sale of Mallory Ridge Apartments, a 78-unit luxury multifamily community. The $17.18 million sale price equates to more than $220,000 per unit.

“Mallory Ridge is a recently constructed, luxury apartment community approaching full stabilization,” said IPA executive director Victor Nolletti. “It’s a best-in-class niche asset that serves the area’s need for high-end apartment homes.”

Nolletti, executive director Steve Witten and senior director Still Hunter head the IPA Northeast-Florida team who, along with their colleague, Eric Pentore, worked in concert with IPA senior directors Craig Fuller, Erin Patton, Scott Wiles, and associate Josephine Zupan to represent the seller, Mallory Ridge Apartments LLC.  IPA Northeast-Florida procured the buyer, Delaware-based 1881 and Fawn Industrial LLC.

Developed by The Lexington Companies, headed by Martin Kenny, the community is located on 19.8 acres at 95 Filley St.

Mallory Ridge features four, 3-story residential buildings with 20, one-bedroom apartments, 55, two-bedroom units, and 3, 3-bedroom apartments, plus one clubhouse/amenity building.