The deal was reported by Marcus & Millichap Real Estate Investment Brokerage Co., which brokered the transaction that closed with a 12 percent market capitalization rate. The sale price of $6.5 million equates to $47,445 per unit or $81 per sf for the property that features 79,902 rental sf of space.

Tower II Apartments is a HUD-subsidized property for low and moderate-income tenants. Mitchell R. Labar, senior vice president and managing director of Marcus & Millichap's Northeast regional office, says the financing with the Connecticut Housing Finance Authority with HUD rental contract transactions took less than six months to close. Normally, a deal of this type would require one to two years to complete, he notes.

Paul Davis, of Marcus & Millichap's Detroit office and Victor Nolletti and Steve Witten, with the firm's New Haven, CT, office, had the exclusive listing to market the property for AIMCO Properties.

After a national marketing program secured buyer interest in the property, Dennis Behunick of Marcus & Millichap's New York office secured and represented the buyer, Fairfield Ventures.

According to Davis, AIMCO sold Tower II Apartments to reduce the number of HUD properties in its portfolio. AIMCO currently owns and operates a portfolio of apartment communities through 19 regional operating centers. Through its subsidiaries, AIMCO has 1,790 properties, including approximately 318,000 apartment units with more than one million residents. The company's properties are located in 47 states, the District of Columbia and Puerto Rico.