SEYMOUR, CT-Raymond Enterprises LLC has acquired the Maplewood Apartments complex here for $3.8 million. The 50-unit property at 12, 14 and 16 Marie Dr. here was sold by Valley Investors.
Steve Witten and Victor Nolletti of Marcus & Millichap were the sole brokers. Locally based attorney Steven Kulas of May & Stanek PC represented the seller, while Dean Kilbourne, an attorney with Kilbourne & Tully, PC of Bristol, CT, represented the purchaser.
Maplewood Apartments consists of three detached buildings on 3.74 acres. The complex was built around 1970 by Valley and is located just off Route 8 and is a short distance from I-84. The unit mix at Maplewood is 40 one-bedroom, one-bath with den units of approximately 1,080 sf; eight, one-bedroom, one-bath units of 860 sf; one, three-bedroom unit of 1,000 sf; and one, two-bedroom unit of 800 sf.
Witten says the property's condition at the time of sale was "excellent." He notes that the sale price of $76,000 per unit is "a precedent setting value for the Valley region of New Haven County." Recent sales by Marcus & Millichap's New Haven office have included a 510-unit development in Manchester for $39 million, a 498-unit community in Hamden for $48 million, 740 units in Lancaster, CA for $67.2 million and a 236-unit project in Lakeland., FL for $12.8 million.
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