(To read more on the multifamily market, click here.)

NEW BRITAIN, CT-A group of Connecticut and New York investors has purchased the Farmington Hills Apartments development at 1230 Stanley St. here in a deal valued at $13.35 million.

Marcus & Millichap Investment Real Estate’s Steve Witten and Victor Nolletti represented the buyer and the seller in the deal. The buyer, Tic, Tac, Toe LLC, described by New Haven-based Marcus & Millichap as investors from Connecticut and New York, closed on the property on July 31. The seller was Farmington Hills Associates, LP.

Farmington Hills consists of 300 one-, two- and three-bedroom apartments in 75 two-story masonry and frame buildings located on a 20.35-acre parcel. The property is located within one mile of Central Connecticut State University and features 44 one-bedroom units, 44 two-bedroom units, 137 two-bedroom townhouse units and 75 three-bedroom townhouse units. Rents range from $565 to $800 per month.

Marcus & Millichap’s Witten and Nolletti note, “The New Britain apartment market is currently experiencing a rise in rents as tenants are looking at New Britain as offering ‘rent relief’ over some of the higher priced rents in surrounding communities.”

The seller was represented by Dennis Day of Klehr, Harrison, Harvey, Branzburg & Ellers, LLP of Philadelphia, while the buyer was represented by Mark Pagani of Pagani, Kearns & Karlson of Wethersfield, CT.

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