The 172-unit complex was originally built in 1969 and underwent renovations and improvements in 1994. Steve Witten and Victor Nolletti of Marcus & Millichap Investment Real Estate Services were the sole brokers in the transaction.
Witten termed the deal a "fairly significant transition in a supply constrained market." The Beaver Brook Apartments complex sits on more than 16 acres and consists of 16, two and three-story brick and frame buildings. Witten notes that the property is among the largest rental townhouse communities in the region.
The buildings total 164,600 sf and consist of 16 one bedroom units (620 sf), 124, two-bedroom units of 918 sf. and 32 three-bedroom townhouse apartments of 1,070 sf.
The seller of the property was the original developer Beaver Brook Associates LLC. The buyer was 445 Beaver Brook LLC which plans to make improvements to the property and add additional amenities at the development.
Property and individual unit amenities at Beaver Brook Apartments include: private entrances, fully equipped modern kitchens, upgraded mechanical systems, parking for 363 cars, and a coin-operated laundry.
The seller was represented by Richard LoRicco, Jr., of the law firm LoRicco, Trotta & LoRicco of New Haven. The buyer was represented by Victor Weiss.
Marcus & Millichap officials say that the buyer assumed the underlying Freddie Mac first mortgage on the property.
Witten and Nolletti also report that they recently brokered the sale of 308 residential units in Clearwater, Fla., for $23.5 million and 176 units in North Haven, CT., for $10.5 million.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
