The largest transaction was the $13.39 million sale of Colonial Manor Apartments, a 340-unit apartment complex in Groton, located close to the US submarine base there. The complex is adjacent to operations of Pfizer Pharmaceutical Co., and Electric Boat. Victor Nolletti and Steve Witten of Marcus & Millichap, who brokered the deal, noted that the seller--Colonial Manor Associates LP--was the original developer of the complex, which was built in the mid 1960s. The buyer was Groton Estates LLC.

The brokers add that the Colonial Manor is the largest residential market rate rental property in Groton. Each unit totals approximately 725 sf. The new owner plans to undertake renovations as well as modernize the complex to increase occupancy.

Nolletti and Witten also report that they were the sole brokers in the $6.1-million sale of Rose Hill Apartments, a market-rate, age-restricted (55 and older) community in Branford, CT. The complex, which consists of two brick three-story buildings, contains 91 one-bedroom, one bath apartments. Rose Hill, also known as Esplanade Branford, is located at 30-36 Rose Street in the business center district in the heart of downtown Branford. The property, which contains 63,700 sf of net living area, was built in 1985 and upgraded in 1988.