The brokerage firm's Steve Witten and Victor Nolletti of thecompany's New Haven office represented the seller in thetransaction. Witten of Marcus & Millichap refused to discussthe seller's identity or confirm that Aimco was the seller whenbroached by


An Aimco spokesperson confirms to that theDenver-based firm was the seller of the complex. Aimco, a REIT, isthe owner and operator of nearly 1,163 apartment communitiestotaling 202,337 units.


The buyer, a partnership of Connecticut-based investors called65 Messina Drive LP, was represented by Al Ippolito of Fasano,Ippolito & Lee and Rolan Joni Young of Berchem, Moses &Devlin PC. The New Haven office of NewAlliance Bank provided firstmortgage financing for the deal.


The East Farm Village Apartments property is located at 55 and65 Messina Dr. on a nearly 7.7-acre parcel and contains 240 units.It is comprised of two buildings—a 204-unit three-story buildingand a 36-unit mid-rise building. The development was built in 1981and contains a gross building area of approximately 231,072 sf. Thecommunity consists of 168 one-bedroom, one bath units totaling 635sf; 62 two-bedroom one bath units totaling 880 sf and 10three-bedroom, two bath units totaling 1,275 sf.


Marcus & Millichap's Witten says that despite the difficultyin today's market to close deals, "the best game in town, forreturn on investment" especially in New England is the multifamilyhousing market. He adds that his firm has several thousandapartment units under contract that are expected to close in thenext few months in New England.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.