Arizona Wolff snaps up Milford properties for $72.4 million

An Arizona-based private equity fund has bought 335 apartment units and 47,600-square-feet of commercial space in Milford for $72.4 million.

Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap announced it had arranged the sales of two portfolios in Milford. IPA said the sale went to separate investors.

But according to a some research, the two acquiring entities are both connected to Scottsdale, Ariz.-based private equity Wolff Co.

Perpetual Real Estate Partners LP purchased Spinnaker Wharf, Spinnaker Walk and Spinnaker Square for $31,800,138. This portfolio overlooks Milford Harbor and  features 107 lifestyle rental units and 38,963 square feet of retail/commercial space all centered around downtown Milford.

Wolff Enterprises II LLC purchased Spinnaker Brook, Spinnaker Chase, Spinnaker Crest, Spinnaker Green, Spinnaker Hunt and Spinnaker Station for $40,603,227. These lifestyle- and transit-oriented assets are all within walking distance of the Milford train station, local restaurants and services. The portfolio consists of 228 multifamily units and 8,731 square feet of commercial space.

Wolff listes both Enterprise II and Perpetual as investment vehicles on its website.

This will vastly expand Wolff’s holdings in Connecticut. It already owns one building in Stamford.

Rob Varnon