REBusinessOnline

Strategic Opportunities Drive Record Investment in New Haven Apartments

A strengthening rental market is drawing more multifamily investors toward the New Haven metro area. Property fundamentals are rapidly improving, aided by greater renter demand and a lack of new supply pressure. Solid apartment performance, an array of multifamily assets well-positioned for upgrades and region-leading yields offer opportunities for investors, contributing to a record level of deal volume for the market in 2018. Apartment properties in New Haven have performed better over the …

Hampshire Cos. To Develop 100,000 SF Self-Storage Facility in Connecticut

NEW LONDON, CONN. — The Hampshire Cos. has acquired a two-acre parcel in New London and has unveiled plans to develop a 100,000-square-foot self-storage facility on the site. The development site is located at 351 N. Frontage Road. The 800-unit facility will feature modern architecture with four levels of climate-controlled storage space. Construction is slated to begin in the second quarter. Hampshire Cos. has repositioned or developed 33 self-storage facilities with an aggregate value of …

HFF Brokers $21.7M Sale of Mixed-Use Portfolio in Bridgeport, Connecticut

BRIDGEPORT, CONN. — HFF has brokered the $21.7 million sale of a mixed-use portfolio totaling 176 apartments and approximately 100,000 square feet of retail and office space in downtown Bridgeport. The three-building portfolio includes the City Trust Building, an 11-story, 135,544-square-foot property; Arcade Mall, a four-story, 52,355-square-foot structure; and Golden Hill, an eight-story, 51,194-square-foot building. Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven …

Vidal/Wettenstein Orchestrates $2.6M Sale of Office Building in Fairfield, Connecticut

FAIRFIELD, CONN. — Vidal/Wettenstein has arranged the $2.6 million sale of a 7,326-square-foot office building in Fairfield. Located at 95 Reef Road, the property currently houses an architectural firm, interior design company, a children’s medical walk-in facility and a residence and storage area in the lower level. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. The buyer was 1222 Wisconsin Ave LLC, an investor that purchased the property via …

IPA Arranges $24M Sale of Multifamily Community in Avon, Connecticut

AVON, CONN. — Institutional Property Advisors has arranged the $24 million sale of Avon Place Apartments, a 164-unit multifamily community in Avon. Located at 46 Avonwood Road, the property was built in 1973 on more than 46 acres. The community is comprised of three brick residential buildings and a clubhouse. Victor Nolletti, Eric Pentore of IPA and Wes Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was the Clairmont Group

UC Funds Celebrates Grand Opening of Residence Inn Stamford Downtown in Connecticut

STAMFORD, CONN. — UC Funds has cut the ribbon on the newly completed Residence Inn Stamford Downtown. Located at 25 Atlantic St., it is the first hotel in Stamford to offer extended-stay lodging. UC funds acquired the property in 2017 and completed construction of the project. The eight-story, 156-room hotel opened Nov. 21. The Marriott-franchised hotel is managed by Urgo Hotels & Resorts. The Residence Inn features apartment-style accommodations and more than 2,000 square feet of meeting …

GHP Realty Negotiates $4.5M Sale of Office Building in Norwalk, Connecticut

NORWALK, CONN. — GHP Office Realty has negotiated the $4.5 million sale of a 38,985-square-foot office building in Norwalk. Located at 83 East Ave., the property is currently 92 percent occupied by 26 tenants. Andrew Greenspan and Brendan Hickey of GHP represented the undisclosed seller in the transaction. The buyer was a Long Island City-based real estate holding

Marcus & Millichap Secures $3.4M Refinancing for Apartment Portfolio in Connecticut

BRIDGEPORT, CONN. — Marcus & Millichap has secured a $3.4 million loan for the refinancing of a three-property apartment portfolio in Bridgeport. The 62-unit portfolio includes the properties Park Avenue Apartments, Marble Edge Apartments and Main & Federal Apartments. Robert Noeldechen of Marcus & Millichap’s New Haven office represented the undisclosed borrower in the transaction. The lender was also

Northeast Private Client Group Orchestrates $2M Sale of Apartment Community in Connecticut

AMSTON, CONN. — Northeast Private Client Group has arranged the sale of a 32-unit apartment community in Amston. The property traded for $2 million, which equates to a capitalization rate of 6.8 percent based on current net operating income. Taylor Perun and Rob Fiamengo of Northeast Private Client Group represented the seller, Hebron Properties, in the transaction. The buyer was Spin Ghar Properties LLC. The property is located at 102 Wellswood

Benchmark Opens 88-Unit Assisted Living Community in Connecticut

FAIRFIELD, CONN. — Benchmark has opened Sturges Ridge of Fairfield, an assisted living and memory care community in Fairfield, a coastal town between New York City and Hartford. The 85,000-square-foot community offers 68 assisted living units and 20 memory care units. It is Benchmark’s 18thcommunity, and is located in the hometown of company founder Tom Grape. Terry Hornikel, executive director of the new community, lives in Fairfield and brings more than 40 years of senior living and …

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