JLL Arranges $27 Million Sale of Blueway Commons Multifamily Community in Haddam, Connecticut
HADDAM, Conn. — June 24, 2026 — JLL has arranged the $27 million sale of Blueway Commons, an 88-unit Class A multifamily community in Haddam, Connecticut, the firm announced. Elm Tree Communities, the Old Saybrook-based developer that built the property, was the seller. RAK Realty acquired the asset.
The transaction values the newly constructed community at approximately $306,800 per unit. JLL Capital Markets' Investment Sales and Advisory team represented the seller, with Managing Directors Jon Bryant, John Flaherty and Steve Simonelli leading the assignment.
Property Overview: Blueway Commons
Blueway Commons is located at 3 Brookes Court in Haddam, Connecticut, within the Connecticut River Valley. The community comprises five two-story residential buildings on 6.47 acres, offering one- and two-bedroom apartments with an average unit size of 967 square feet. The property includes 148 surface parking spaces.
Elm Tree Communities delivered the project in two phases between 2023 and 2025. The community reached 99 percent occupancy shortly after completion. Of the 88 total units, 78 are market-rate and 10 are designated workforce housing, making the property approximately 89 percent market-rate.
Unit interiors feature granite countertops, stainless steel appliances, luxury bathrooms and private patios or balconies. Community amenities include a clubhouse with a coffee bar, a 24-hour fitness center, an outdoor kitchen with a pergola and professionally landscaped grounds with gathering spaces.
Location and Market Fundamentals
Blueway Commons offers direct access to Route 9 with connectivity to Interstates 91 and 95, positioning residents within approximately 30 minutes of Hartford and 25 minutes of New Haven. The Connecticut River Valley location places the property near major employers including Yale University, Pratt & Whitney and Wesleyan University. JLL cited an average household income of $159,000 in the surrounding area.
The Greater Hartford submarket has experienced 24 percent rent growth and maintained 95 percent occupancy over the past five years, according to JLL. The firm also noted that Haddam's restricted new supply and strong demographic fundamentals create favorable conditions for multifamily investment in the region.
Transaction Details and Buyer Rationale
"RAK Realty was ultimately chosen given their local ownership and certainty of execution," said Bryant. "Blueway Commons' rapid lease-up and Class A construction quality in a supply-constrained submarket made it an exceptional investment opportunity in Connecticut's dynamic multifamily market."
RAK Realty plans to continue operating the stabilized asset as a premium rental community serving the region's demographic base, according to the announcement.
Seller and Developer Background
"Blueway Commons reflects exactly what we set out to build at Elm Tree Communities — a thoughtfully designed, sustainably operated community that residents are proud to call home," said Jeff Hartmann, Founder and President of Elm Tree Communities. "The rapid lease-up and stabilization of this Class A community underscore the enduring demand for high-quality rental housing in the Connecticut River Valley. We thank the JLL team for their execution and welcome RAK Realty as the community's new stewards."
Elm Tree Communities is a full-cycle multifamily development firm headquartered in Old Saybrook, Connecticut. Founded in 2020, the firm develops and owns rental communities in the Northeastern United States with a stated focus on sustainable development and resident experience.
JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries. JLL (NYSE: JLL) reported annual revenue of $26.1 billion and operates in over 80 countries as of March 31, 2026.