Meadow Apartments Complex Sells for $7M

(To read more on the multifamily market, click here.)

MONTVILLE, CT-A New York City based private investor has sold the Meadows Apartments complex here to a private buyer who currently maintains a portfolio of approximately 1,000 rental units in the Nutmeg State. Marcus & Millichap Investment Real Estate Services brokered the $7.2-million deal. NewAlliance Bank of New Haven provided financing for the transaction.

Steve Witten and Victor Nolletti of Marcus & Millichap were the sole brokers in the deal. Witten would not divulge any more information about either the seller or the buyer of the property located at 91 Leffingwell Rd. Dana Friedman of Harlow, Adams and Friedman of Milford, CT represented the seller. The buyer was represented by Al Ippolito of Fasano, Ippolito and Lee of New Haven.

Witten says the deal represents the largest multifamily property sale in New Haven County in the last four years. The property is located between Mohegan Sun and Foxwoods casinos. He says the development is within walking distance of the Mohegan Sun property.

Meadow Apartments is situated on 11 acres and consists of 18 three-level apartment buildings. The property includes 41 one-bedroom, one-bath flat-style units; 33 two bedroom one bath flat-style units and 40 two-bedroom, one-bath townhouse style apartments. The size of the units range from 472 sf to 954 sf.