NEW HAVEN, CT-The 158-unit Cambridge Apartments rental housing complex in the Westville section of the city has changed hands. Esplanade New Haven LP has sold the property to Tarragon Realty Investors of New York City for $15.3 million. Steve Witten and Victor Nolletti of the New Haven office of Marcus & Millichap were the sole brokers in the transaction.

Cambridge Apartments is located at 200-234 Fountain St. and 1269-1274 Forest Rd. and consists of the Towers–twin seven-story poured concrete buildings; a free-standing rental office/residence and an 11,000-sf activity/community room. In addition, the complex also includes the Annex, which consists of two detached two-story brick buildings that contain 18 rental apartment units. One of the Annex buildings is attached to the Mansion, which has another six rental apartments. The complex, which sits on a 4.7-acre site, also includes six detached single-family and multifamily dwellings.

The deal increases Tarragon’s portfolio in the New Haven rental housing market where the company already owns the Liberty, a 123-unit rental apartment property at 152 Temple St. In the State of Connecticut, Tarragon Realty owns approximately 3,000 rental housing units and nationwide has a portfolio of about 16,000 housing units.

“It was an excellent opportunity to buy an older, tired multifamily property and bring some fresh investment and do a complete repositioning of the asset,” says Saul Spitz, executive vice president of acquisitions for Tarragon. He adds that Tarragon plans to invest more than $1 million in upgrades to the property.

In April, Tarragon Realty purchased a 12-acre vacant parcel in Meriden on Palmeroy Avenue and Research Parkway. The company purchased the parcel from BL Co. for approximately $4.4 million. Tarragon plans to break ground next month on a 180-unit rental apartment community, which will take about 18 months to complete. Spitz put the development cost of the project at approximately $25 million.

On May 10, Tarragon Realty Investors, which is also a homebuilding company, posted total revenues of $60.7 million in the first quarter of 2004, up 150% from a year earlier.

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