The Silvertree apartment complex in Wallingford. Photo courtesy of the town of Wallingford

Four Connecticut apartment complexes totaling almost 700 units have traded hands.

The new owner, San Francisco-based FPA Multifamily, paid $121 million for the properties according to the deal’s broker.

Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, New York City-based Sun Equity Partners, and procured the buyer. Both parties in the transaction are privately-held real estate investment firms.

The four properties are:

• Silvertree, 88 North Turnpike Road, Wallingford (180 units)
• New Cambridge, 1175 Farmington Ave, Bristol (208 units)
• Peppertree, 278 Meridian St., Groton (205 units)
• Huntington Ridge, 61 Henry St., Norwich (100 units)

The oldest property in the portfolio is New Cambridge, built in 1969, followed by Peppertree (1975), Silvertree (1976) and Huntington Ridge (2004).

Sun Equity paid $96.87 million for the properties in a series of deals in 2021, according to property records.

In its announcement of the deal, Institutional Property Advisors noted all four buildings are located near major employers like the Electric Boat submarine shipyard, Bristol Hospital and ESPN. Units in all four include studios, one-bedrooms and two-bedrooms.

“This 100% market-rate suburban portfolio is located in the most resilient segment of Connecticut’s multifamily market where well-located Class B to B+ assets continue to consistently deliver high occupancy, steady rent growth, and strong cash flow,” Victor Nolletti, Institutional Property Advisors executive managing director investments, said in a statement. “The portfolio provides immediate scale, operational efficiency, and significant revenue upside potential.”