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EAST HAVEN, CT-Marcus & Millichap Real Estate Investment Services of New Haven, CT has brokered the sale of the East Farm Village Apartments complex here for $21.2 million or approximately $88,125 per unit. Marcus & Millichap identified the seller as East Haven Real Estate Associates LP, however GlobeSt.com learns that Aimco is the seller.

The brokerage firm’s Steve Witten and Victor Nolletti of the company’s New Haven office represented the seller in the transaction. Witten of Marcus & Millichap refused to discuss the seller’s identity or confirm that Aimco was the seller when broached by GlobeSt.com.

An Aimco spokesperson confirms to GlobeSt.com that the Denver-based firm was the seller of the complex. Aimco, a REIT, is the owner and operator of nearly 1,163 apartment communities totaling 202,337 units.

The buyer, a partnership of Connecticut-based investors called 65 Messina Drive LP, was represented by Al Ippolito of Fasano, Ippolito & Lee and Rolan Joni Young of Berchem, Moses & Devlin PC. The New Haven office of NewAlliance Bank provided first mortgage financing for the deal.

The East Farm Village Apartments property is located at 55 and 65 Messina Dr. on a nearly 7.7-acre parcel and contains 240 units. It is comprised of two buildings—a 204-unit three-story building and a 36-unit mid-rise building. The development was built in 1981 and contains a gross building area of approximately 231,072 sf. The community consists of 168 one-bedroom, one bath units totaling 635 sf; 62 two-bedroom one bath units totaling 880 sf and 10 three-bedroom, two bath units totaling 1,275 sf.

Marcus & Millichap’s Witten says that despite the difficulty in today’s market to close deals, “the best game in town, for return on investment” especially in New England is the multifamily housing market. He adds that his firm has several thousand apartment units under contract that are expected to close in the next few months in New England.

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