Photo courtesy of Hamilton Zanze

A pair of large apartment complexes in Middletown have sold to a Boston investor for $94 million.

San Francisco-based real estate investment firm Hamilton Zanze sold Middletown Brooke and Middletown Ridge Apartments to Boston-based Jones Street Investment Partners.

Located a short distance from one another in the town’s large cluster of multifamily developments off Interstate 91 at exit 21, the properties were built in the late 1980s and boast amenities like swimming pools and fitness centers. Hamilton Zanze paid $31.5 million for the properties, which total 516 units, in 2018.

“We are thrilled to have executed our business plans for Middletown Brooke and Middletown Ridge in just five years versus the projected ten-year hold period,” Anthony Ly, senior director of dispositions at Hamilton Zanze, said in a statement. “Both properties were acquired as a portfolio in 2018 and represented an opportunity for immediate scale and to improve the resident experience through unit renovations and property-wide renovations.”

In a statement, the company said it had made unit upgrades, additions to amenity packages, repaving, HVAC replacements and “numerous” exterior improvements to the properties over the course of its ownership.