HAMDEN, CT—Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, has arranged a $58.5 million sale of Broadmoor Apartment Homes, GlobeSt.com has learned EXCLUSIVELY. The sale price of the 498-unit, 419,220-square-foot suburban apartment community, in Hamden, CT, equates to $117,470 per unit.
IPA executive directors Steve Witten and Victor Nolletti advised the seller, Fairfield Apple Hill LP, a Delaware-based limited partnership. The buyer is Hamden Partners LLC, a New Jersey-based limited liability company.
“Exceptionally well maintained and recently renovated, Broadmoor Apartment Homes is well-positioned for continued growth in one of the Northeast’s strongest rental markets,” says Witten.
Adds Nolletti, “This asset is a nominal risk investment that is well positioned to provide long-term financial stability,” adds Nolletti. IPA officials were not available for further comment at press time; watch for an UPDATE later today.
The property is located at 676 Mix Ave., minutes from downtown New Haven and near Route 10, one of Connecticut’s main retail corridors. The location provides easy access to the Metro-North railway line, interstates 95 and 91, the Merritt and Wilbur Cross parkways and Connecticut Route 34. Quinnipiac University, Yale University, Southern Connecticut State University and the University of New Haven are all in the immediate vicinity.
Built in 1969 and 1970 and renovated from 2006 to the present, Broadmoor Apartment Homes consists of six detached six-story midrise apartment buildings with full basements, updated mechanicals and contemporary amenities in a low-density setting. The unit-mix features 66 studios, 288 one-bedroom apartments and 144 two-bedroom units. Apartments average 842 square feet and feature fully equipped gourmet kitchens, spacious walk-in closets, upgraded interior finishes and private balconies.
Community amenities include a fully equipped clubhouse with a resident lounge and business center, a resort-style outdoor swimming pool with sundeck, a fitness center, a tennis court, on-site laundry centers, landscaped playground, picnic and barbecue areas and outstanding city and mountain views.