$35.3 Million Apartment Complex Sale in New Haven County, CT Arranged by IPA

Grand Reserve Orange Apartments, 75 Prindle Hill Road, Orange, New Haven County, CT

ORANGE, CT – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Grand Reserve Orange, a 168-unit garden-style apartment complex in Orange (New Haven County), Conn.

Steve Witten

The $35,300,000 sales price equates to $210,000 per unit.

            IPA executive directors Steve Witten and Victor Nolletti advised the seller, Behringer Harvard Orange LLC.  The buyer is FF Realty II LLC.

“Grand Reserve Orange is the exemplary multifamily property in Orange and it is unlikely that anything similar will be built there,” says Witten.

“The property is centrally located to serve the needs of both lifestyle renters and transit-oriented tenants working in Fairfield and New Haven counties,” adds Nolletti.

Built in 2005 on more than nine acres, the 161,670-square-foot luxury apartment community is located at 75 Prindle Hill Road in Orange, Conn., immediately off Exit 41 on Interstate 95.

Victor Nolletti

Grand Reserve Orange consists of six detached three-story buildings located on two separate contiguous parcels. There are 112 one-bedroom apartments, 28 two-bedroom apartments, 28 three-bedroom, luxury, garden-style apartments and 10 different floor plans.

The apartment homes feature fully equipped kitchens with breakfast bar, walk-in closets, energy-efficient windows, individual alarm systems, in-home washer and dryer units and a private patio or balcony area. Select units also include bay windows with scenic views and gas-burning fireplaces.

Community amenities include a fully equipped clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool, state-of-the-art fitness center with Cardio Theater, landscaped playground and picnic/barbecue areas.

Witten and Nolletti also recently closed the sale of 124 units in Stamford, Conn., for $45,100,000 and 597 units in Hartford, Conn., for $29,500,000.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716