Steven Witten and Victor Nolletti of Marcus & Millichap Investment Real Estate Services, which is based in New Haven, were the sole brokers in the sale. Witten says that the deal valued at $100,000 per unit is a significant transaction for the area, given that the property is located in a supply-constrained market with significant barriers to entry and new construction.

The seller was SCI-ROEV East Haven Limited Partnership, which utilized the legal services of Todd Brinberg of Wormser, Kiely, Galef & Jacobs, based in New York City. The buyer was Stony Brook Village LLC which was represented by Kenneth Gliedman of the New York City-based law firm Lichter, Gliedman, Weinberg PC. Witten notes that the new owner plans to improve the property and add some additional amenities.

The Stony Brook Village Apartments was built in two phases. The first 40 units were completed in 1989. The second phase, which consisted of 125 units, was constructed in 1996. With the planned improvements, Witten says, the property is "well-positioned to be one of the premier 'A' quality apartment communities in the region."

The complex consists of 20, three-story apartment buildings, with frame construction, individual mechanical systems and gable roofs.

Stony Brook Villages features 50, one-bedroom units with one to one and a half bathrooms that total approximately 727 sf to 1,000 sf. The complex also has 101, two-bedroom units with one and a half to two bathrooms that are approximately 972 sf to 1,282 sf. There are also 14, three-bedroom, two-bath units, each offering approximately 1,340 sf of space.

Some of the apartment amenities include fully equipped euro-style kitchens, private balconies/decks, fully sprinklered buildings, individual, self-contained gas-fired, forced air cooling and heating systems, master bedroom suites with walk-in closets, raised panel doors and washer and dryer hookups.

The complex also has a 4,500-sf clubhouse with fitness center, kitchen and office, in-ground swimming pool with patio, private balconies/terraces, garage, carport and surface parking and coin-operated laundry.

Marcus & Millichap officials note that the firm has also recently closed on the sale of 340 units in Groton, CT, (no sale price was released), 91 units in Branford, CT for $6.1 million; 66 units in Meriden for $3.175 million and 172 units in Ledyard, CT for $7.85 million.