Steven Witten of Marcus & Millichap says the buyer was FF Realty LLC, a national institutional real estate investment firm. The seller was Home Properties of New York LP. Witten, who along with colleague Victor Nolletti were the sole brokers in the transaction, says that Home Properties had owned the 498-unit complex for about eight years. The property was sold subject to the assumption of existing Freddie Mac mortgages. The transaction closed on Dec. 23. Apple Hill Apartments, located at 650 and 670 Mix Ave. in Hamden, was built in 1970. Other amenities at Apple Hill include large balconies, central air conditioning and heating, 835 parking spaces, 60 garages, a swimming pool, tennis court, fitness center and business center.
Witten says that the property was on the market for about three to four weeks and attracted significant investor interest. The complex is currently 95% leased and is located in a supply-constrained market. Another large rental apartment complex in the Hamden market is owned by AvalonBay Communities. The firm built Avalon Walk, a 764-unit community in 1992.
Marcus & Millichap's Witten and Nolletti were also the sole brokers in the all cash sale of Scottwood Manor, a 22-unit townhouse community in Waterbury, CT. for just under $1.63 million. Scottwood Manor Associates LLC was the seller and the buyer was Scottwood LLC.
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