Woodbury Knolls Apartments, an 11-building, 106-unit complex built in 1955, has been sold for $5,425,000. The seller was Swiss Village LLC. The buyer was Woodbury Knoll LLC. The complex, which was recently renovated, is located on approximately 23 acres and has a gross building area of approximately 60,300 sf. The development contains 54 studio apartments, 31 one-bedroom, eight one-and-a-half bedroom, five two-bedroom units along with seven two-bedroom townhouse units and a two-bedroom freestanding apartment. The average monthly rental charge for an apartment at Woodbury Knolls is approximately $800, according to officials with Marcus & Millichap.
The second deal brokered by the New Haven-based firm was the $7,850,000 sale of Fox Run Apartments in Ledyard, a 172-unit complex originally built in 1965. The seller was Ansonia Acquisitions II LLC, the buyer was Fox Run--Ledyard LLC. The complex sits on more than 30 acres located four miles from the Foxwoods Casino and Entertainment Center and eight miles from the Mohegan Sun casino. The site, which was renovated in 1997, consists of 25 buildings in five clusters with a total of 145,590 net rentable sf. All of the apartments at the development are two-bedroom units. The average monthly rental charge for a unit at Fox Run Apartments is approximately $750.
Victor Nolletti and Steve Witten of Marcus & Millichap brokered both transactions.
Nolletti says that activity in the rental apartment sector in Connecticut is "still brisk." He notes that quality properties, such as Fox Run Apartments and Woodbury Knolls Apartments, have attracted multiple bidders. He adds that the market in and around the Indian-run casinos is a high-growth area that continues to expand. In addition, existing product is in high demand due to the significant barriers of entry to new construction.
The new owners of the properties are both described as real estate investors from the New York metropolitan area. Both owners have stated they plan to undertake "significant improvement" projects at their respective developments, Nolletti says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
