Photo courtesy of Institutional Property Advisors

A large apartment asset in a suburban Hartford commercial corridor has sold to a New York City-based investor.

Beachwold Residential paid $78.15 million for the Millyard and Meadow Commons, a 269-unit apartment complex at 96-100 Pane Road in Newington.

The property was developed by an affiliate of Criterion Development Partners, a Dallas, Texas-based major multifamily developer. The three-building, five-story project opened in 2023, according to town property records.

Located just off the Berlin Turnpike, it’s close to Route 9, which provides access to Interstate 91, and a roughly 20-minute drive from downtown Hartford. It’s also surrounded by a number of top retailers like Target, Sam’s Club and Stew Leonard’s.

Institutional Property Advisors, a division of commercial brokerage Marcus & Millichap, said it handled the sale. The company’s Victor Nolletti, Eric Pentore and Wes Klockner represented the seller and procured the buyer.

“The property offers a fully amenitized residential experience and exceptional New England living along the Berlin Turnpike,” Nolletti, IPA’s executive managing director of investments, said in a statement. “Located just 10 miles from the Hartford central business district (CBD) and 25 miles from the New Haven CBD, the community provides convenient access to major employment centers. Outstanding demographics, a highly rated school system, premier shopping, numerous restaurants, and abundant recreational attractions make this an exceptional location.”

IPA said the Millylard complex has a heated swimming pool, picnic area, a resident lounge, fitness center and private co-working rooms. Apartments have keyless entry systems, stainless-steel appliances, washers and dryers and large closets.