Beacon Mill Village, a 188-unit condominium-style property located along the banks of the Naugatuck River in Beacon Falls, has been sold for $21.7 million.
BMV Associates LLC was the seller. The buyer was UOB Eagle Rock Multifamily Property Fund LP.
The property was originally constructed as a mill during the Industrial Revolution.
Steve Witten and Victor Nolletti, first vice presidents investments at Institutional Property Advisors, represented the seller.
“The opportunity exists to raise rents between $100 and $300 and still provide an extraordinary value to tenants in an upscale, suburban location along the Route 8 Corridor,” said Witten. “In addition, this property has fully amenitized units and a historically low resident-turnover rate.”
Located at Two North Main St., the 184,188 square-foot multifamily complex includes eight historic buildings originally constructed between 1851 and 1911 as a mill for the Home Woolen Co. Conversion of the buildings to residential units occurred in 1988.