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| Wintergreen of Westville, New Haven, CT |
NEW HAVEN, CT – Institutional Property Advisors (IPA), a
multifamily brokerage firm serving the needs of institutional and major private
investors, has arranged the sale of Wintergreen of Westville, a 294-unit
Class A multifamily asset in New Haven. The newly developed community commanded
a sales price of $41,650,000, or just under $141,000 per unit.
Steve
Witten and Victor Nolletti, executive directors of IPA represented
the seller SA Wintergreen LLC and the buyer, UOB Eagle Rock Multifamily
Property Fund LP.
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| Steve Witten |
“The new
ownership has acquired a rarely available, transit-oriented multifamily asset
in one of the East Coast’s top-performing apartment markets,” says Witten.
“Given solid market fundamentals and strong demand for well-located product in
the region, this newly constructed, luxury asset is poised to achieve
significant rent growth in the future,” he notes.
“New Haven’s diverse
economy benefits tremendously from its proximity to major employers, including
Yale University, a major economic driver in the region,” says Nolletti.
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| Victor Nolletti |
“At the time of the
sale, the property was operated as a luxury rental with a cross-section of
tenants, including a large student population from three local universities,
empty nesters and young professionals. A true value-added opportunity, we
believe the new ownership has the opportunity to increase cash flow by raising
rents, resulting in an extremely high occupancy rate at this property,” adds
Nolletti.
Located at 400 Blake Street, the community consists of five,
four-story elevator buildings that were constructed in 2008. Constructed in
2008, the property features an excellent mix of one-, two- and three-bedroom
units with average unit size of about 1,100 square feet.
Amenities include a 24-hour fitness “club-caliber” center
with cardio and weights, a well-appointed club room with big-screen TV,
billiards, a gourmet kitchen and WiFi, a high-tech business center, outdoor
barbecues and 586 ground-level, surface and covered parking spaces.
Witten and Nolletti also recently brokered the sale of 184
units in Beacon Falls, Conn., for $21.7 million, 166 units in Middletown,
Conn., for $18.6 million, 296 units in Dover, Del. for $23,180,000 and 459
units in Temple Hill, Md., for $38 million.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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