WATERBURY, CT, Dec. 29, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the 156-unit River’s Edge Apartment Homes (top right photo) in Waterbury.
The sales price of $10.6 million represents approximately $68,000 per unit.
Steve Witten (top left photo) and Victor Nolletti (middle right photo), both vice president investments and senior directors in the New Haven office of Marcus & Millichap’s National Multi Housing Group, represented the buyer, River Own
er LLC, and the seller, ERP Operating Limited Partnership.
er LLC, and the seller, ERP Operating Limited Partnership.Financing was provided by Fannie Mae through PNC ARCS, a Fannie Mae DUS lender.
“River’s Edge is a superior-quality property located in one of New England’s strongest multi-family growth markets,” says Witten. “River’s Edge is a Class A asset located along the Interstate 84/State Route 8 corridor, where there are limited, newer luxury rental opportunities.
“Multi-family remains the preferred investment property type for institutional and private investors in the current economic climate,” adds Witten. “Apartment properties provide investors with stable, solid returns, particularly in New England’s supply-constrained markets.”
Developed in 1974, River’s Edge Apartment Homes at 35 Sharon Road is an except
ionally well maintained, Tudor-style apartment community in the northeastern portion of Waterbury near the Wolcott town line.
ionally well maintained, Tudor-style apartment community in the northeastern portion of Waterbury near the Wolcott town line.The 134,904 square-foot gated apartment community includes six studios measuring 400 square feet, 67 one-bedroom flats encompassing between 560 square feet and 680 square feet and 83 two-bedroom flats
of between 1,000 square feet and 1,220 square feet. In all, the complex contains seven detached buildings on 10.51 acres.
of between 1,000 square feet and 1,220 square feet. In all, the complex contains seven detached buildings on 10.51 acres.Each unit includes a private deck or patio, wall-to-wall carpeting, ceramic and vinyl tiles, updated kitchens with ranges and refrigerators.
River’s Edge provides residents with a comfortable lifestyle, easy access to local community services, supermarkets and malls, including the Danbury Fair Mall, West Farms Mall and Brass Mill Mall. Press Contact: Stacey Corso, Communications Department, (925) 953-1716
No comments:
Post a Comment