Blueway Commons: $27M sale of new 88-unit community in Haddam, CT

BOSTON, June 24, 2026 –  JLL Capital Markets announced today that it has arranged the $27 million sale of Blueway Commons, an 88-unit multifamily community in Haddam, Connecticut.

JLL represented the seller, Elm Tree Communities. The buyer was RAK Realty.

Blueway Commons, located at 3 Brookes Ct., offers direct access to Route 9 with connectivity to Interstates 91 and 95, positioning residents within 30 minutes of Hartford and 25 minutes of New Haven. The property sits in the scenic Connecticut River Valley, an area with an average household income of $159,000 and proximity to major employers such as Yale University, Pratt & Whitney and Wesleyan University.

Connecticut's multifamily market continues to demonstrate resilience, with the Greater Hartford submarket experiencing 24 percent rent growth and maintaining 95 percent occupancy over the past five years. Haddam's restricted new supply and strong demographic fundamentals create favorable conditions for multifamily investment in the region.

Blueway Commons, completed in two phases between 2023 and 2025, features spacious one- and two-bedroom apartments across five two-story residential buildings on 6.47 acres. The newly constructed Class A community achieved 99 percent occupancy shortly after completion, demonstrating a strong demand for housing in the area. Units include 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.

The property is 89 percent market-rate with 78 market-rate units and 10 workforce housing units. Average unit size is 967 square feet, with 148 surface parking spaces serving residents.

JLL Capital Market’s Investment and Sales Advisory team, representing the seller, was led by Managing Directors Jon Bryant, John Flaherty and Steve Simonelli.

"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."

“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, a next-generation multifamily developer based in Old Saybrook, Connecticut, designed and developed Blueway Commons, delivering the community in two phases between 2023 and 2025 to meet growing demand for high-quality, amenity-rich rental housing in the Connecticut River Valley. RAK Realty plans to continue operating the stabilized asset as a premium rental community serving the region's affluent demographic base.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth knowledge of local markets and global investors delivers best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory, and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE: JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries, and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage, and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail, and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people, and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technological capabilities, we provide coordinated, end-to-end delivery of real estate services to a broad range of clients across a wide variety of industries. Through LaSalle Investment Management, we invest globally for clients in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Elm Tree Communities, LLC (“ETC”) is a full-cycle multifamily development firm headquartered in Old Saybrook, Connecticut. Founded in 2020, ETC develops and owns high-quality, amenity-rich rental communities in the Northeastern United States, with a focus on sustainable development and an exceptional resident experience. For more information, visit elmtreecommunities.com.