Brokers in the deal were Steve Witten, Victor Nolletti and Jeff Gorodensky of the New Haven and New York City offices of Marcus & Millichap Investment Real Estate Services.
The 84-unit garden apartment complex is located at 430 Eastern St. in New Haven and was built in 1986. Brook Hollow Apartments consists of 10 buildings situated on 4.7 acres. The community features 11 one-bedroom, one-bath units totaling 675 sf each; 13 two-bedroom, one bath units of 950 sf apiece; 51 three-bedroom, 1.5 baths of 1,150 sf and nine, four-bedroom, two bath units of 1,350 sf each.
David Parisier, managing director of Hanrock, says his firm decided to purchase the property because of "its high occupancy, in a great market with excellent fundamentals." He notes that the complex is 98% occupied. His firm purchased the complex in the midst of a re-siding project and plans some minor improvements in the future.
The Hanrock Group also owns the Woodbury Knoll Apartment community in Woodbury, CT, a 106-unit rental apartment complex it acquired in the summer of 2002. The company, which is now looking to expand, sold a portfolio of more than 500 apartment units in Union City and West New York, NJ in 2002 for $24 million.
Parisier says his firm "is actively seeking to acquire apartments in Connecticut, the greater New York metropolitan market, Massachusetts and Pennsylvania." He says that some potential deals are in the pipeline. However, he did not disclose any properties his firm is interested in.
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