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Two CT Rental Developments Sell for $13.2M

NEW HAVEN, CT-Two Connecticut rental apartment complexes--one in Ledyard near the Foxwoods Casino complex and another in the Litchfield County community of Woodbury--sell for a combined $13,275,000.

By John Jordan | Updated on May 13, 2002

NEW HAVEN, CT-Two large rental apartment complexes that total 278 units have been sold to private real estate investors for an aggregate $13,275,000, according to Marcus & Millichap Investment Real Estate Services, which was the sole broker in both deals.

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.

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