HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Capitol View Apartment Homes, a 264-unit multifamily complex in downtown Hartford. Built in 1955 and renovated between 2002 and 2013, the 10-story building houses units with an average size of 542 square feet and offers amenities such as a lounge, fitness center and concierge service. Victor Nolletti, Wes Klockner and Eric Pentore of IPA represented the seller, an entity doing business as MATP LLC, in the transaction. The trio also procured the buyer, EOM Equity LLC.
Connecticut
TRUMBULL, CONN. — New York City-based brokerage firm Rosewood Realty Group has negotiated the $101 million sale of The Royce at Trumbull, a 339-unit multifamily property located in southern Connecticut’s Fairfield County. AvalonBay Communities originally developed the property, which houses one-, two- and three-bedroom units, in 1997. Jonathan Brody of Rosewood Realty Group represented the seller, a partnership between Sym Investments and Skywood Properties, which acquired the asset in spring 2021 for $82 million. Brody also procured the buyer, Massachusetts-based Colony Hills Capital. The Royce at Trumbull was 99 percent occupied at the time of sale.
BRANFORD, CONN. — Locally based brokerage firm O,R&L Commercial has negotiated the $18.9 million sale of Shoreline Plaza, a 77,037-square-foot retail center in the southern coastal Connecticut city of Branford. Tenants include Coastal Wine & Spirits, Staples, Shoreline Prime Meats & Deli and InShape Fitness. Frank Hird of O,R&L Commercial represented the seller, A&A Properties, in the transaction, and procured the buyer, an entity doing business as Executive Two Hundred LLC.
NORTH HAVEN, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $23.5 million permanent loan for North Haven Pavilion, a 148,277-square-foot shopping center located north of New Haven. Tenants at North Haven Pavilion include Michaels, Wendy’s and Hartford Healthcare. Dev Morris, David Poncia, Allison Villamagna and Andrew Stewart of Cronheim Mortgage arranged the financing on behalf of the borrower, a subsidiary of National Realty & Development Corp., which originally developed the center in 2004. The loan carried a 10-year term and a 30-year amortization schedule.
STAMFORD, CONN. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of The Residence at Summer Street, a 104-unit seniors housing property in Stamford. The five-story, newly built facility offers assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone of Cushman & Wakefield arranged the financing through VIUM Capital and its affiliate Merchants Bank of Indiana. The borrower was a partnership between Virtus and LCB Senior Living.
HARTFORD, CONN. — The Fremont Group has sold Riverview Plaza, a 325,000-square-foot waterfront office complex located on the east side of Hartford. The two-building complex was sold in conjunction with a 50,000-square-foot office building and two adjacent parking lots, all of which are situated within Founders Plaza Business Park, for $50 million. The buyer was an entity doing business as Milton East Hartford Investments LLC. At the time of sale, the properties had a collective occupancy rate of 90 percent, with tenants including Bank of America and the State of Connecticut Judicial Branch. Patrick Mulready and John McCormick of CBRE, along with Cory Gubner and Alex Haendler of Newmark, represented The Fremont Group in the transaction.
STORRS, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $12.5 million sale of Orchard Acres, a 96-unit multifamily property in Storrs, home of the University of Connecticut. Built in 1963, the property is situated adjacent to the north end of campus and exclusively offers one-bedroom units. Tom Boyle of Chozick Realty represented the seller, a Massachusetts-based entity doing business as Orchard Acres Apartments LLC, in the deal. Steve Pappas with Chozick Realty represented the buyer.
FAIRFIELD, CONN. — New Jersey-based developer Accurate has acquired a mixed-use development site located adjacent to the Metro North train station in the southern coastal community of Fairfield. The 24-acre site, which has been branded The Crossings at Metro Station, is fully approved for 357 multifamily units, a 118-room hotel, 70,000 square feet of office space and 40,000 square feet of retail space. Louis Zuckerman, Patrick Colwell and Jeffrey Dunne of CBRE represented the seller of the site, Blackrock Realty LLC, in the land transaction while also procuring Accurate as the buyer. Construction could begin as early as the end of July or the beginning of August.
STRATFORD, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the $8.2 million sale of Spinelli Plaza, a 58,200-square-foot shopping center in Stratford, located in southern Connecticut’s Fairfield County. Tenants at Spinelli Plaza include Chase Bank, Family Dollar and Starbucks. The Spinelli Family sold the center to an undisclosed 1031 exchange buyer. Bruce Wettenstein of Vidal/Wettenstein brokered the deal.
NEW HAVEN AND HAMDEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of three multifamily properties totaling 234 units in the New Haven area. The 123-unit Liberty Building was converted into an apartment complex in 1999 and is located in the city’s downtown area. Hamden Centre and Dogwood Hill Apartments, located in nearby Hamden, were both built in the 1970s and respectively total 65 and 46 units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction and procured the buyer, Cue Residential.