Fairfield Residential Buys Two Developments for $73M

MIDDLETOWN, CT-In a deal involving 518 rental apartment units here, Fairfield Residential LLC, headquartered in Grand Prairie, TX, has purchased the Windsor Brook and Windsor Ridge apartment communities for $73.25 million. The communities, within a five-minute drive from each other, are located about three quarters of a mile from Interstate 91 in the northern section.

The deal was reported by CB Richard Ellis/New England, which represented the seller, GID Investment Advisers LLC of Boston, in the transaction and procured the buyer. SVP and partner Simon J. Butler, Biria St. John, first vice president and partner, VP Michael L. Stone and Chris Sower, financial analyst of the CB Richard Ellis/Northeast Multi-Housing Team, along with EVP Malcolm McComb of CB Richard Ellis' Atlanta office worked on the transaction. GID is a part of the General Investment & Development Cos., a diversified investment firm with interests in multifamily residential and commercial real estate throughout the US.

Windsor Brook, a 280-unit community, was built in 1989 and includes eight two-, three- and four-story garden-style buildings, a single-story clubhouse and a single-story maintenance building on about 19.5 acres. The buildings consist of wood frame construction with concrete slab foundations, vinyl exteriors and asphalt shingle hip roofs. Community amenities include a swimming pool with sundeck, carports, picnic area and laundry facilities in the clubhouse, CB Richard Ellis officials state.

Windsor Ridge was built a year earlier and features nine two-, three- and four-story garden-style buildings, a two-story clubhouse and a maintenance building on almost 12 acres. The buildings consist of wood frame construction with concrete slab foundations, vinyl exteriors and asphalt shingle hip roofs. Community amenities include a swimming pool with sundeck, racquetball court, fitness center, picnic area and laundry facilities in the clubhouse.