Northgate Apartments complex in Middletown sells for $37M

CBRE INC. RECENTLY announced the $37 million sale of Northgate Apartments, a 179-unit apartment complex at 3 Admiralty Drive in Middletown. / COURTESY CBRE INC.

MIDDLETOWN – CBRE Inc. on June 16 announced the sale of the 179-unit Northgate Apartments at 3 Admiralty Drive for $37 million.

Completed in two phases in 1969 and 1972, Northgate Apartments features two- and three-story residential buildings on a campus of 21 buildings, along with a free-standing leasing center, a fitness center, an outdoor pool and a picnic and barbeque area.

There are a mix of one-, two- and three -bedroom apartment homes with an average size of 888 square feet, according to a news release. Units come with assigned parking spaces and are equipped with a walk-in closet, breakfast bar, individual climate control, dishwasher and efficient appliances. Furnished units and laundry facilities are also available, and pets are permitted.

CBRE Capital Markets’ multi-housing specialists John McLaughlin, Biria St. John and Simon Butler represented the seller, an affiliate of Eden Properties from Boston. The team also found the buyer, an affiliate of SFMG Inc., according to the release.

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“We are pleased to have represented Eden Properties in the sale of Northgate Apartments,” Butler said in a statement. “This marked the successful conclusion of their investment strategy. Additionally, the asset still provides SFMG Inc. with the ability to execute on a value-add strategy and generate strong returns.”

Tim Norton is a PBN staff writer. You may contact him at

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