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| Spinnaker Wharf, Milford, CT |
MILFORD, CT– Institutional Property Advisors (IPA), a
multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has arranged the sales of two
portfolios in Milford.
The two portfolios include a combined total of 335
multifamily units and 47,600 square feet of commercial space. Sold to separate
investors, they commanded a total sales price of $72.4 million.
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| Spinnaker Walk, Milford, CT |
IPA executive directors Victor Nolletti and Steve
Witten were the sole advisors in the transactions. The buyers are Perpetual
Real Estate Partners LP and Wolff Enterprises II.
“We’re proud to have served as advisors on these
transit-oriented and pedestrian-friendly portfolios,” says Nolletti. “These
assets are poised to provide excellent returns for their respective investors.”
Perpetual Real Estate Partners LP purchased Spinnaker Wharf,
Spinnaker Walk and Spinnaker Square for $31,800,138. This portfolio overlooks
Milford Harbor and features 107
lifestyle rental units and 38,963 square feet of retail/commercial space all
centered around downtown Milford. “This is irreplaceable real estate,” says
Witten.
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| Victor Nolletti |
Wolff Enterprises II LLC purchased Spinnaker Brook,
Spinnaker Chase, Spinnaker Crest, Spinnaker Green, Spinnaker Hunt and Spinnaker
Station for $40,603,227. These lifestyle- and transit-oriented assets are all
within walking distance of the Milford train station, local restaurants and
services. The portfolio consists of 228 multifamily units and 8,731 square feet
of commercial space.
“This portfolio has it all,” concludes Nolletti. “It is
located in an extremely high barrier to entry market dominated by high-income
by-choice renters. The average rents are just 20 percent of the average
resident’s income.”
Contact:
Public Relations
(925) 953-1716
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