The sellers were Huntington Commons LLC, Parkiew LLC and Britannia Commons Apartments LLC. The buyers were Taymil Britannia LLC, Taymil Huntington Commons LLC and Taymil Parkview LLC. Steven Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the transaction.
The buyer owns five other residential properties in the State of Connecticut, according to Witten. Witten adds that the transaction was "an off-market deal" that secured a reasonable sale price for the seller.
Parkview Apartments is located on 1.6 acres at 502 South St. in Bristol. The property, originally built in 1965, consists of one four-story building. Huntington Commons is on a 9.6-acre parcel at 122 Sycamore and 340 Charter Oak in Manchester. The complex was originally built in 1967 and features nine two-story brick and masonry buildings. Britannia Commons is a converted five-story brick school building at 234 Sherman Ave. in Meriden. The property, located on 2.1 acres, was converted and renovated in the 1970s. The gross building area of the complex is 124,572 sf and the average unit size at the 88-unit project is 1,049 sf.
Steve Astrove, managing director of Taymil Partners, says, "Taymil seeks quality properties which can be purchased at a discount to replacement cost in highly competitive and development constrained markets."
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