Landmarked CT Rental Complex Changes Hands

(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)

BEACON FALLS, CT-A former wool mill complex that’s listed on the National Register of Historic Places has traded for $21.7 million, GlobeSt.com has learned exclusively. The sale of Beacon Mill Village, a 188-unit multifamily property here, to UOB Eagle Rock Multifamily Property Fund LP was arranged by Institutional Property Advisors, a Marcus & Millichap company.

Steve Witten and Victor Nolletti, first VPs investments with IPA, represented the seller, BMV Associates LLC. “The new owner has acquired an aesthetically beautiful, historic adaptive re-use property in an excellent location with significant upside potential,” says Witten in a statement. “The opportunity exists to raise rents between $100 and $300 and still provide an extraordinary value to tenants in an upscale, suburban location along the Route 8 Corridor. In addition, this property has fully amenitized units and a historically low resident-turnover rate.”

Located at Two N. Main St. along the banks of the Naugatuck River in this New Haven County community, Beacon Mill Village started out as eight buildings constructed between 1851 and 1911. While the first of these were built for the American Hard Rubber Co., the Home Woolen Co. took over the site in 1863. The Home Woolen complex was placed on the National Register in 1984.

Conversion of the 184,188-square-foot complex to residential units occurred in 1988. The ownership retained the original brick exteriors, interior exposed brick walls, high ceilings and exposed heavy timber beams in the design of the common areas and apartment units.

Amenities at what is now Beacon Mill Village include a resort-style swimming pool, a large sun deck, a tennis court and health club with an exercise room, a sauna and men’s and women’s locker rooms. Residents also have access to private, secure storage areas, 24-hour tenant services and ample parking. Rents start at $850 per month for a 500-square-foot studio apartment.