NEW HAVEN, CT-The Stony Brook Village Apartments complex in East Haven has been traded in a $22.2-million transaction. Also the 147-unit Highland Ridge Apartments property in Waterbury has sold for $9 million. Marcus & Millichap's Steve Witten and Victor Nolletti were the sole brokers in both deals.
Stony Brook Village is a 165-unit garden-style luxury apartment development that was built in two phases in 1989 and 1996 on more than 20 acres. The property was sold by Stony Brook Village LLC and purchased by HP Stony Brook LLC. Attorney Kenneth Gliedman of Lichter, Gliedman, Offenkrantz PC of New York City represented the seller while Andrew Shott of Struass & Troy LPA of Cincinnati represented the purchaser.
Marcus & Millichap officials estimate the sale for the property at 100 and 140 Mill St. was valued at $134,545 per unit. The complex consists of 20 three-story apartment buildings consisting of 50 one bedroom, one to one-and-a-half bath units totaling between 727 sf to 1,000 sf; 101 two bedroom units with one-and-a-half to two baths totaling approximately 927 sf to 1,282 sf and 14 three bedroom units with two bath units that are 1,340 sf each.
The Highland Ridge Apartments property at 329 Schraffts Dr. near the Cheshire/Prospect town line, features three detached four-story mid-rise masonry buildings on 6.4 acres. The community was sold by ROI Highland LLC to Wilson Associates Limited Partnership. Attorney Michael Pease of Pease & Dorio of Farmington represented the seller. Donald J, Rinaldi of Watertown represented the buyer. The deal was valued at $61,054 per unit.
The unit mix consists of 15 studio units of 500 sf; 90 one bedroom one-bath flat style units of 820 sf and 42 two bedroom one-and-a-half bath flat style units of 1,150 sf.
The complex was built in 1970 and renovated eight years ago.
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