The deal was reported by Marcus & Millichap Real Estate Investment Brokerage Co., which brokered the transaction that closed with a 12 percent market capitalization rate. The sale price of $6.5 million equates to $47,445 per unit or $81 per sf for the property that features 79,902 rental sf of space.
Tower II Apartments is a HUD-subsidized property for low and moderate-income tenants. Mitchell R. Labar, senior vice president and managing director of Marcus & Millichap's Northeast regional office, says the financing with the Connecticut Housing Finance Authority with HUD rental contract transactions took less than six months to close. Normally, a deal of this type would require one to two years to complete, he notes.
Paul Davis, of Marcus & Millichap's Detroit office and Victor Nolletti and Steve Witten, with the firm's New Haven, CT, office, had the exclusive listing to market the property for AIMCO Properties.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
