BEACON FALLS, CT– Institutional Property Advisors (IPA), a multifamily brokerage firm serving the needs of institutional and major private investors, has arranged the sale of Beacon Mill Village (top left photo), a 188-unit condominium-style multifamily asset.
Located along the banks of the Naugatuck River in Beacon Falls, the property was originally constructed as a mill during the Industrial Revolution.
Steve Witten (middle right photo) and Victor Nolletti (middle left photo), first vice presidents investments, represented the seller, BMV Associates LLC. The buyer was UOB Eagle Rock Multifamily Property Fund LP.
“The new owner has acquired an aesthetically beautiful, historic adaptive re-use property in an excellent location with significant upside potential,” says Witten.
“The opportunity exists to raise rents between $100 and $300 and still provide an extraordinary value to tenants in an upscale, suburban location along the Route 8 Corridor. In addition, this property has fully amenitized units and a historically low resident-turnover rate.”
Located at Two North Main St., the 184,188 square-foot multifamily complex includes eight historic buildings originally constructed between 1851 and 1911 as a mill for the Home Woolen Co. Conversion of the buildings to residential units occurred in 1988. Since then, the ownership retained the original brick exteriors, interior exposed brick walls, high ceilings and exposed heavy timber beams in the design of the common areas and apartment units.
Amenities include a resort-style swimming pool, large sun deck, tennis court and health club with an exercise room, sauna and men’s and women’s locker rooms. Residents also have access to private, secure storage areas, 24-hour tenant services and ample parking.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
