$21.05 Million New Haven County Multifamily Sale Arranged by IPA

Stony Brook Village Apartments, 140 Mill Street, East New Haven, CT

Victor Nolletti

EAST HAVEN, CT, June 11, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Stony Brook Village, a 165-unit luxury apartment community in suburban East Haven, Conn.

 The $21.05 million sales price equates to $127,500 per unit.

            IPA executive directors Steve Witten and Victor Nolletti, and Marcus & Millichap associate Wes Klockner were the sole brokers in the transaction. The seller is HP Stony Brook LLC and the buyer is Par Stony Brook LLC.

            “Stony Brook Village is a transit-oriented multifamily asset in a suburban location that offers the new owner a value-add opportunity through the implementation of a modest renovation program,” says Witten.

            “Situated in a quiet, wooded, country setting at 140 Mill St. in East Haven, the property is on a Connecticut Transit bus line, two miles from interstates 91 and 95, and five miles from the New Haven Metro-North Railroad station and Tweed New Haven Regional Airport,” adds Nolletti.

Steve Witten

There are eight colleges and universities within 20 minutes of the community, including Yale University, Southern Connecticut State University, Gateway Community College and Quinnipiac University. 

The property borders the Foxon Road retail corridor, which includes a recently opened ShopRite supermarket that is within walking distance.

            Apartment Homes at Stony Brook Village average 980 square feet and 70 percent have two bathrooms. 

The open floor plans feature ‘euro-style’ kitchens, separate dining areas with natural light, wall-to-wall carpeting, full-size washer and dryer connections, private balcony area or patio, six-panel doors and large walk-in closets with organizers.

Community amenities include a fitness center and swimming pool with sundeck area; a resident clubhouse with community room, business area, and library; a leasing center with private offices, and a designated dog walk and exercise area.

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

Gina Relva

 Public Relations Manager

(925) 953-1716