The Middletown Brooke and Middletown Ridge apartment complexes in Middletown have been acquired for $62.65 million.

Completed in 1989, Middletown Brooke contains 280 apartments in eight two- and three-story buildings, a clubhouse and leasing center. Middletown Ridge, completed in 1988, contains 238 units in nine buildings ranging from two to four stories.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Fairfield Residential, and procured the buyer, Hamilton Zanze & Co.

“This location, which provides residents with access to two major employment areas, has consistently been one of the most stable multifamily submarkets in the state. These assets are well positioned to benefit from a combination of modest amenity and unit upgrades,” Victor Nolletti, lead advisor for IPA Northeast team, said in a statement.

San Francisco-based Hamilton Zanze said it plans to make additional multifamily investments in the Northeast in coming months.