Steve Witten, Victor Nolletti and Gary Witten of the New Haven office of Marcus & Millichap were the sole brokers in the transaction. The seller was Fairfield Gardens LLC and Fairfield Gardens III LLC, controlled by a West Coast-based general partnership. The buyer was West Hartford IV LLC, a private real estate investment entity based in Connecticut, according to Witten.
Ridgeview Heights, which was built in 1970, contains four wood and brick buildings that feature 24 one-bedroom units of 680 sf and 24 two-bedroom units of 780 sf. The site totals 23 acres and offers easy access to the main campus of the University of Connecticut at Storrs.
Perry Hill Estates features 24 two-bedroom, one-and-a-half bath units of 1,000 sf and 24 two-bedroom, one-bath units of 780 sf in six detached buildings. The development was first constructed in 1969 and totals just under 25.8 acres.
Witten says that the new ownership plans to undertake modest upgrades to the properties. The developments, which were marketed as a package, were on the market for about 60 days prior to the sale.
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