NEW HAVEN-New Haven Four LLC bought the Colonial Fountain Apartments development here from Colonial-Fountain LLC in a $10.2 million deal. Steve Witten and Victor Nolletti of locally based Marcus & Millichap were the sole brokers in the transaction.
Witten says the deal closed at $75,556 per unit or approximately $83 a sf. The sale as "an off market, all-cash deal."
The Colonial Fountain Apartments is located at 35 and 145 Cooper Place on the New Haven-Woodbridge border. The 135-unit complex consists of 13 buildings on more than 10 acres. The development, built in 1947, consists of 20 one-bedroom flat style apartments and 115 two-bedroom townhouse units that feature full basements.
He notes that the seller had recently completed upgrades to the building exterior and adjoining property, including new windows and roofs. "The new owner plans to continue improving the property to position it as a quality, lifestyle renter's community just off Fountain Street in New Haven and close to the highly desirable Town of Woodbridge and Village of Westville," Witten adds.
The seller and the buyer were represented by Dana Friedman of Harlow, Adams and Friedman of Milford, CT.
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