Paredim Partners has acquired The Spinnaker Milford Portfolio, a collection of 10 boutique apartment communities with 49,000 s/f of Downtown commercial and retail space located in Milford, CT.
The portfolio is integrated into the Downtown Milford landscape, providing access and views of Milford Harbor as well as walkability to Downtown Milford retail core and to Milford’s Metro-North train station. The portfolio comprises 10 apartment communities developed between 1997 and 2012 all within 0.5 miles of each other and featuring contemporary New England style. It was sold by Arizona-based private equity firm Wolff Company, which bought the portfolio in 2013 for $84 million .
Victor Nolletti, an executive director and senior vice president of investments for the Institutional Property Advisors (IPA) group of Marcus & Millichap, brokered the sale.
“We are very pleased to add this excellent collection of boutique properties to Paredim’s portfolio of market leading apartment communities and were attracted by the outstanding Downtown Milford locations in the middle of one of the New Haven area’s most vibrant neighborhoods” said David Parisier, Managing Director of Paredim.
“We plan to continue to position the portfolio as the premier boutique residential communities in the area and to enhance its aesthetics and amenity offerings via targeted unit and amenity upgrades.”