Connecticut

IPA Arranges $49.9M Sale of Connecticut Multifamily Property

by Amy Works April 8, 2015

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of TGM Waterford Commons, an apartment community located at 30 Catherine’s Way in Manchester. Beachwood Residential LLC purchased the 303-unit property from TGM Waterford LLC, an affiliated entity of New York City-based TGM Associates, for $49.9 million, or $165,000 per unit. The 13-building property features 47 one-bedroom/one-bath apartments, 193 two-bedroom/two-bath units and 63 three-bedroom/two-bath units ranging from 690 to 1,350 square feet. Units feature walk-in closets, in-home full-size washer/dryer units and a private patio or balcony area. Community amenities include a clubhouse, heated indoor swimming pool and spa, movie theater, fitness center, sauna and steam room, volleyball court, tennis court, playground, barbecue and picnic area, storage units and carports. Steve Witten and Victor Nolletti of IPA represented the seller in the transaction.

April 8, 2015

Connecticut Hospitality Northeast

HREC Arranges Sale of Inn at Middletown in Connecticut

by Amy Works April 3, 2015

MIDDLETOWN, CONN. — HREC Investment Advisors has arranged the sale of the Inn at Middletown, located at 70 Main St. in Middletown. Massachusetts-based Linchris Hotel Corp. acquired the 100-room hotel for an undisclosed price. Ketan Patel and Geoff Davis of HREC represented the seller, Middletown Hotel Associates LP, in the transaction.

April 3, 2015

Connecticut Multifamily Northeast

Chozick Realty Arranges $5.2M Sale of Apartment Complex in Connecticut

by Amy Works April 1, 2015

EAST HARTFORD, CONN. — Chozick Realty Inc. has completed the sale of Colonial Court Apartments in East Hartford. The 76-unit apartment complex sold for $5.2 million, or $68,421 per unit. Constructed in 1964, the property features a mix of studios, one-bedroom and two-bedroom units, and two-bedroom townhomes, as well as onsite parking and laundry facilities. Rich Chozick of Chozick Realty represented the seller, Mystic Property Management, and the buyer, MGG Capital, in the transaction.

April 1, 2015

Connecticut Multifamily Northeast

CBRE Arranges $17.7M Sale of Connecticut Multifamily Property

by Amy Works March 30, 2015

BROOKFIELD, CONN. — CBRE Group has brokered the sale of Towne Brooke Commons, a multifamily property located in Brookfield. The Silverman Group purchased the 102-unit property for $17.7 million from Harbor Group International. Built in 2009, the property features open floor plans with high ceilings, spacious kitchens, walk-in closets and full-size washers/dryers. Community amenities include a clubroom, fitness center, outdoor pool, business center and heated parking. Jeffrey Dunne, Gene Pride and Ivelin Spasov of CBRE’s Institutional Properties group represented the seller in the transaction.

March 30, 2015

Connecticut Northeast Office

Highville Charter School Buys 108,000 SF Office Building for $5.8M in New Haven

by Amy Works March 25, 2015

NEW HAVEN, CONN. — Hamden, Conn.-based Highville Charter School has acquired an office building located at 1 Science Park in New Haven. AT&T sold the 108,000-square-foot property for $5.8 million. Highville plans to convert the property’s open layout into classrooms to meet its expanding needs. Alan Fischer of Fischer Real Estate Inc. represented the buyer, while Cushman & Wakefield represented the seller in the deal.

March 25, 2015

Connecticut Loans Multifamily Northeast

Colliers Secures $3.9M Loan for Connecticut Multifamily Property

by Amy Works March 23, 2015

HARTFORD, CONN. — Colliers International has secured a $3.9 million loan for Colonial Court Apartments in Hartford. The non-recourse loan features a 75 percent loan-to-cost ratio with a rate of 3.75 percent. Kris Wood, John Banas and Alex Hails of Colliers secured the financing for the undisclosed repeat borrower.

March 23, 2015

Connecticut Industrial Northeast

HK Group Brokers $57.7M Sale of 825,000 SF Warehouse Center in Connecticut

by Amy Works March 20, 2015

NORTH HAVEN, CONN. — HK Group has brokered the sale of The North Haven Distribution Center, located at 1 N. Frontage Road in North Haven. Boston-based STAG North Haven LLC purchased the property for $57.7 million from New York-based North Haven Inc. Situated on 63.61 acres, the asset consists of two buildings, totaling 825,000 square feet. One property is a large refrigerated produce building with 71 dock height doors and one is a grocery warehouse building with 108 dock height doors. Matthew Keefe and Ricardo Cordido of HK Group were the sole brokers in the transaction.

March 20, 2015

Connecticut Northeast Retail

The Beach House Buys 4,413 SF Commercial Property for $2.95M in Connecticut

by Amy Works March 20, 2015

NORWALK, CONN. — The Beach House LLC has acquired a two-story building located at 370 Westport Ave. in Norwalk. 370 Westport Avenue LLC sold the property for $2.95 million, or $668 per square foot. Bankwell Financial Group (NASDAQ: BWFG) occupies the 4,413-square-foot property, which is situated on a 0.35-acre lot. Franco Fellah of HK Group brokered the transaction. Steven Siegelaub of Berkowitz, Trager & Trager provided legal services for the seller, while Steven Baron served as legal counsel for the buyer in the 1031 exchange.

March 20, 2015

Connecticut Multifamily Northeast

IPA Arranges $115.5M Sale of 323-Unit Multifamily Property in Connecticut

by Amy Works March 16, 2015

STAMFORD, CONN. — Institutional Property Advisors (IPA) has brokered the sale of Avalon on Stamford Harbor, a multifamily property located in Stamford. The property sold for $115.5 million, or $357,585 per unit. Located at 150 Southfield Ave., the waterfront property features 323 residential units, a marina and 72 boat slips. Steve Witten and Victor Nolleti of IPA, a division of Marcus & Millichap, represented the buyer, TGM Anchor Point LLC, in the transaction. The seller was Harbor Financing LLC.

March 16, 2015

Connecticut Multifamily Northeast

IPA Brokers $27.8M Sale of Connecticut Multifamily Property

by Amy Works March 10, 2015

DANBURY, CONN. — Institutional Property Advisors (IPA) has brokered the sale of TGM Willow Grove at Danbury, a multifamily complex located at 101 Avalon Lake Road in Danbury. TGM Associates sold the 135-unit property for $27.8 million, or $205,550 per unit, to Beachwold Residential. Completed in 1999, the property features a mix of one- and two-bedroom units ranging in size from 885 to 1,552 square feet. Community amenities include a clubhouse with resident lounge, a fitness center, a heated resort-style outdoor swimming pool, landscaped picnic and barbeque areas and walking paths around Lake Kenosia. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi represented the seller in the transaction.

March 10, 2015

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