EAST HAVEN, CT- Taymil Brett LLC, an affiliate of Taymil Partners of Newtown, MA, purchased the 120-unit Willow Reed Apartments from Trolley Crossing LLC for $10.2 million. The sellers had acquired the five-acre property as an REO in the early 1990s. The 103,200-sf complex consists of garden and townhome units. The community features 24 one-bedroom/one-bath units, 24 two-bedroom/one-bath units and 72 two-bedroom/one bath townhome-style units.
Steven Witten and Victor Nolletti of Marcus & Millichap Investment Real Estate Services were the sole brokers in the transaction that was pegged at $85,000 per unit or $99 per sf. The seller was represented by Coleman Levy and William Stokesbury of Levy & Droney of Farmington. Taymil Brett LLC was represented by Frank Appicelli and Scott Miller of Bingham McCutchen LLP of Hartford.
Wiitten says Taymil targeted the Greater New Haven area for expansion and notes that the Willow Reed development is located just a few blocks from the East Haven waterfront district. In late December in another Marcus & Millichap-brokered deal, an affiliate of Taymil Partners acquired the 57-unit Armory Apartments development at 511 Main St. in West Haven for a little more than $3.2 million.
Marcus & Millichap's Witten and Nolletti were also the sole brokers in the sale of the Bay Shore Apartments development at 162-164 Coe Ave. in East Haven for $2.9 million. The seller was Sara Associates LLC. The buyer was CLS-Norwalk LLC, which used the proceeds of a 1033 tax exchange to finance the deal for the 40-unit property.
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