The deal was reported by Marcus & Millichap Real EstateInvestment Brokerage Co., which brokered the transaction thatclosed with a 12 percent market capitalization rate. The sale priceof $6.5 million equates to $47,445 per unit or $81 per sf for theproperty that features 79,902 rental sf of space.
Tower II Apartments is a HUD-subsidized property for low andmoderate-income tenants. Mitchell R. Labar, senior vice presidentand managing director of Marcus & Millichap's Northeastregional office, says the financing with the Connecticut HousingFinance Authority with HUD rental contract transactions took lessthan six months to close. Normally, a deal of this type wouldrequire one to two years to complete, he notes.
Paul Davis, of Marcus & Millichap's Detroit office andVictor Nolletti and Steve Witten, with the firm's New Haven, CT,office, had the exclusive listing to market the property for AIMCOProperties.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
