Search
 

Two Connecticut Properties Sell for $19.5M

NEW HAVEN, CT-Two Connecticut housing developments, one in Groton and another in Branford, sold for a combined $19.49 million, according to Marcus & Millichap Real Estate Investment Brokerage Co., which brokered both deals.

By John Jordan | Updated on August 19, 2002

NEW HAVEN, CT-Marcus & Millichap Real Estate Investment Brokerage Co. reports that it has brokered the sales of two residential communities for a total of $19.49 million.

The largest transaction was the $13.39 million sale of Colonial Manor Apartments, a 340-unit apartment complex in Groton, located close to the US submarine base there. The complex is adjacent to operations of Pfizer Pharmaceutical Co., and Electric Boat. Victor Nolletti and Steve Witten of Marcus & Millichap, who brokered the deal, noted that the seller–Colonial Manor Associates LP–was the original developer of the complex, which was built in the mid 1960s. The buyer was Groton Estates LLC.

The brokers add that the Colonial Manor is the largest residential market rate rental property in Groton. Each unit totals approximately 725 sf. The new owner plans to undertake renovations as well as modernize the complex to increase occupancy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.