APARTMENT COMPLEX IN METRO NEW HAVEN SELLS FOR $35.3M

ORANGE, CONN. — Institutional Property Advisors (IPA) has arranged the $35.3 million sale of Grand Reserve Orange, a 168-unit apartment complex in Orange, a western suburb of New Haven. The sales price equates to $210,000 per unit. Steve Witten and Victor Nolletti, executive directors at IPA, advised the seller, Behringer Harvard Orange LLC. FF Realty II LLC was the buyer. Built in 2005 on more than nine acres, the 161,670-square-foot luxury apartment community is located at 75 Prindle Hill Road. Grand Reserve Orange includes six detached, three-story buildings. The property features 112 one-bedroom, 28 two-bedroom and 28 three-bedroom, garden-style apartments. Community amenities include a clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool and state-of-the-art fitness center.