Vice chairman Jeffrey R. Dunne and vice president James R. Tullyof the CB Richard Ellis New York Tri-State Investment Team,represented the seller and procured the buyer.

Both properties were originally mill buildings that wereconverted into residential use in the mid 1980s. The ClocktowerClose community features 129 condominium units, covered parking, afitness center, community room and a landscaped courtyard. BeaconMill Village contains 184 units and was the former home to the HomeWoolen Co. and is listed in the National Register of HistoricPlaces. The development features a pool, fitness center, tenniscourt and business center.

Commenting on the deal Dunne says, "There are not manyopportunities to acquire a critical mass of more than 300 units inthis part of Connecticut and the interest we received wasindicative of the attractiveness of this offering. These propertiesdrew interest from institutional and private capital looking at thedeal from both the condominium converter and apartment operatorperspective. The deal made sense for Seaboard since they are tryingto build their apartment presence in the area."