NEW HAVEN-Institutional Property Advisors, a multifamily brokerage firm serving the needs of institutional and major private investors, has arranged the sale of Wintergreen of Westville, a 294-unit Class A multifamily asset in New Haven. The newly developed community commanded a sales price of $41,650,000, or just under $141,000 per unit.
Steve Witten and Victor Nolletti, executive directors of IPA represented the seller SA Wintergreen LLC and the buyer, UOB Eagle Rock Multifamily Property Fund LP.
“The new ownership has acquired a rarely available, transit-oriented multifamily asset in one of the East Coast’s top-performing apartment markets,” says Witten. “Given solid market fundamentals and strong demand for well-located product in the region, this newly constructed, luxury asset is poised to achieve significant rent growth in the future,” he notes.
Located at 400 Blake Street, the community consists of five, four-story elevator buildings that were constructed in 2008. Constructed in 2008, the property features an excellent mix of one-, two- and three-bedroom units with average unit size of about 1,100 square feet.
Amenities include a 24-hour fitness “club-caliber” center with cardio and weights, a well-appointed club room with big-screen TV, billiards, a gourmet kitchen and WiFi, a high-tech business center, outdoor barbecues and 586 ground-level, surface and covered parking spaces.
“New Haven’s diverse economy benefits tremendously from its proximity to major employers, including Yale University, a major economic driver in the region,” says Nolletti. “At the time of the sale, the property was operated as a luxury rental with a cross-section of tenants, including a large student population from three local universities, empty nesters and young professionals. A true value-added opportunity, we believe the new ownership has the opportunity to increase cash flow by raising rents, resulting in an extremely high occupancy rate at this property,” adds Nolletti.
Witten and Nolletti also recently brokered the sale of 184 units in Beacon Falls, CT, for $21.7 million, 166 units in Middletown, CT, for $18.6 million, 296 units in Dover, DE. for $23,180,000 and 459 units in Temple Hill, MD, for $38 million.