New Boston Fund has sold Windshire Terrace, a 266-unit apartment community in Middletown at Forest Glen Circle, to Fairfield Residential. The property was 96 percent occupied at the time of sale. The price was undisclosed.
Windshire Terrace consists of 11 three-story Class-A buildings with an average unit size of 1,042 square feet. Residents enjoy amenities such as, a clubhouse, fitness center, and outside swimming pool.
“Given the strong level of interest we are seeing from investors in multifamily assets, we felt it was the ideal time to sell this property,” said Jon Gillman, Senior Vice President of Asset Management at New Boston Fund. “Windshire Terrace has been a very well-performing and stable asset for as long as it has been a part of our portfolio, and we are certain that Fairfield will experience the same success.”
Residents at Windshire Terrace enjoy amenities such as, a clubhouse, fitness center, and outside swimming pool. The property was originally constructed in 2000.
Located just off Route 217 and I-91, Windshire Terrace is in close proximity to Route 9 with easy access to downtown Hartford. The property’s location also offers convenient access to other major highways and the entire Hartford metro area.
New Boston was represented by Simon Butler, Executive Vice President and Partner; Biria St. John, Executive Vice President and Partner; and Mike Stone, First Vice President, from CB Richard Ellis – N.E. Partners. The buyer was not represented in this transaction.
New Boston originally acquired the newly constructed property through Fund VI in May 2005. New Boston does not disclose sales prices for its transactions.