Institutional Property Advisors Closes Sale of 114-Unit Multifamily Property The Highrailer in New Britain, Connecticut
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has closed the sale of The Highrailer, a 114-unit multifamily property with 5,600 square feet of ground-floor retail space located on Main Street in New Britain, Connecticut, the firm announced March 24, 2026. The seller was Jasko Development. Financial terms of the transaction were not disclosed.
Property Overview
Completed in 2026, The Highrailer is a six-story mixed-use building situated on Main Street just off Route 72, with convenient access to Route 9. The property is located directly across from New Britain City Hall and within walking distance of the New Britain CTfastrak bus rapid transit station. The Hospital of Central Connecticut, the city's largest employer, and Central Connecticut State University are both in close proximity to the property.
The unit mix comprises studios and one- and two-bedroom apartments. Twenty-nine units feature in-unit washer and dryers, while laundry facilities are available on every floor. Unit finishes include custom kitchen cabinetry, built-in shelving, and quartz countertops. Community amenities include an outdoor courtyard with fire pits, grilling stations, and an outdoor kitchen, as well as a second-story terrace, a fitness center, and a pet spa.
Downtown Context
The property's 5,600 square feet of ground-floor retail space is part of a mixed-use development in New Britain's downtown area. "Niche downtown developments designed to promote retail, walkability, and a more communal living environment continue to thrive in these secondary urban cores," said Eric Pentore, senior managing director for the IPA team.
Victor Nolletti, IPA executive managing director investments, noted the property's role in the surrounding area. "Completed in 2026, the property is a notable part of New Britain's ever-improving downtown area," Nolletti said.
Brokerage Team
Victor Nolletti and Eric Pentore of Institutional Property Advisors, along with Wes Klockner and Ross Friedel of Marcus & Millichap, represented the seller, Jasko Development, and procured the buyer. The buyer's identity was not disclosed in the announcement.
IPA is a division of Marcus & Millichap focused on serving institutional clients. The firm offers services covering the acquisition, disposition, and financing of institutional properties and portfolios.