The seller consisted of three investment partnerships: Yarn Mill Associates LLC, Weaver Mill Associates LLC and Gianotti School Associates LLC that were represented by Frank Baker, an attorney with Robinson & Cole LLP. Tarragon was represented by New York City attorney Charles Rubenstein. Steve Witten and Victor Nolletti of the New Haven office of Marcus & Millichap Investment Real Estate Services were the sole brokers in the deal.
A spokesman for Tarragon confirmed that it had purchased the three Connecticut properties. In fact, on Jan. 31 in an announcement regarding the sale of five communities in California and Kentucky, the company noted that it planned to redeploy the proceeds of the sale, valued at $78.5 million, to a new 180-unit luxury apartment project under construction in Meriden, CT, as well as the acquisition of the properties in Manchester and West Haven, CT.
The Yarn Mill property is built on 3.65 acres and was originally constructed around the turn of the century and converted to residential use in 1988-1989. The Weaver Mill property was built in 1886 and converted to residential use more than 100 years later. The Gianotti Building was constructed in 1926 and served as the West Haven High School and later as the Gianotti School. The property was converted to residential use in the mid 1980s, according to Marcus & Millichap officials.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.