The seller of the property at 4 Brushy Plain Rd. was Branford Hill Plaza LLC, who was represented by Barry Cox, an attorney based in Guilford. The buyer was Brushy Plain Plaza LLC, a local investor, who was represented by Alphonse Ippolito of Fasano, Ippolito & Lee of New Haven. Steve Witten, senior director and Victor Nolletti, director of Marcus & Millichap's New Haven office were sole brokers.
The property consists of five detached frame buildings that contain 60 rental apartment units and eight retail stores which total 14,600 sf. Witten says the complex, built in 1986, features 30 efficiency units of 460 sf each and 30 one-bedroom, one-bath townhouse units that each total 800 sf.
The complex is located less than a tenth of a mile from exit 54 of Interstate 95. Both the rental apartment units and the retail space are fully leased. The property was on the market for a total of just 10 days and attracted multiple bidders. "There are very few investment opportunities on the shoreline of Connecticut," he says.
That combined with a strong market for a mixed-use rental housing/retail properties in the greater New Haven area, made for a quick sale, Witten adds. New first mortgage financing in connection with the deal was provided by the New Haven office of People's Bank.
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