A newly built 269-unit apartment complex in Newington has sold to a Manhattan-based multifamily investor for $78.15 million.
Beachwold Residential purchased the three-building Millyard at Meadow Commons complex on 13.3 acres at 96–100 Pane Road, according to a deed recorded March 5. The seller was a limited liability partnership tied to Criterion Development Partners, a developer with offices in Dallas and Nashville, Texas, and Newton, Massachusetts.
Completed in 2025, the Millyard complex consists of three wood-framed buildings ranging from three to four stories and measuring between about 101,000 and 105,000 square feet.
Amenities include a heated swimming pool, picnic area, resident lounge, game room, fitness center and co-working spaces. Apartments include keyless entry systems, stainless-steel appliances and in-unit washers and dryers.
Beachwold Residential describes itself as a family-owned real estate company focused on the development, acquisition and management of multifamily properties. The firm says it owns more than 16,000 apartment units across Connecticut, New Jersey, Virginia, Georgia, Florida, Texas and Tennessee.
The company has been an active buyer in Connecticut in recent years. In September, Beachwold paid $33.25 million for The Arbors at Brighton Park, a 132-unit luxury apartment complex in Bloomfield.
In 2024, another Beachwold affiliate paid $24.3 million for the 99-unit Huntington Townhomes complex in Shelton.
Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the Newington deal.
“Multifamily continues to be a desirable and a preferred asset class for investment,” said Nolletti, IPA’s executive managing director of assets.
The complex was about 85% occupied at the time of the sale, according to Nolletti.