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A Colchester garden-style accommodation circuitous has been awash for $5.4 actor to a New York-based advance group, according to the Marcus & Millichap absolute acreage firm.

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Marcus & Millichap brokered the auction of the Summit Apartments circuitous on Balaban Road, which has 92 two-bedroom units in seven brick barrio on 23 acreage of property.

Gary Witten, carnality admiral of investments in Marcus & Milli-chap’s New Haven office, served as the absolute advertisement abettor for the sellers and was the sole agent for the multimillion-dollar sale.

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Witten said the auction indicates accretion broker absorption for well-located accommodation complexes. “Investors are abiding to the market, abnormally for affection backdrop … with solid occupancies and hire growth,” Witten said in a able account announcement the deal.

The Colchester accommodation circuitous is amid abreast Route 2 and is abutting to the Foxwoods Resort Casino and Mohegan Sun and aural commuting ambit of New London, Norwich and the greater Hartford area. Witten said there was “significant broker interest” in the accommodation complex.

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The 92-unit circuitous was congenital in 1975.

The buyers were declared as a New York-based advance accumulation that was represented by Brian Beller from the law abutting Phillips Nizer in New York City. Marcus & Millichap admiral said the buyers are planning above renovations and upgrades to the Colchester accommodation complex.

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Marcus & Millichap has offices civic and added than 1,200 absolute acreage advance assembly specializing in bartering absolute acreage transactions. The abutting was founded in 1971.

a.cronin@theday.com

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