A three-property portfolio with almost 500 units, including multi-family sites in New Haven and Stratford, sold for $117 million.
The properties include 158 units at Winchester Lofts on Winchester Avenue in New Haven, 128 units at 1111 Stratford Apartment Homes on Stratford Avenue in Stratford, and 195 units in River Lofts at Ashton Mills in Cumberland, R.I.
The sale price averaged $243,243 per unit, according to Institutional Property Advisors, who announced the sale Tuesday.
The assets are all from Brookfield Asset Management’s acquisition of Forest City Realty Trust, according to IPA.
“We are pleased to have worked with the Brookfield team in completing the transaction,” said Victor Nolletti, IPA executive managing director investments.
IPA is a division of commercial real estate services firm Marcus & Millichap.
Nolletti said the Connecticut assets benefit from strong locations for residents working in the greater New Haven and upper Fairfield County metro areas, while Ashton Mills serves the areas surrounding Providence and Boston.
Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller. Brookfield Asset Management, and procured the buyer, B3 Holdings LLC. Thomas Shihadeh, vice president and regional manager, is Marcus & Millichap’s broker of record in Rhode Island.
“Diverse demand drivers, strong location, asset quality and commutability to major employment hubs, coupled with residents’ continued preference for lower density living near urban centers, will continue to drive these assets’ operations,” Nolletti said.
Since January 2022, the IPA Northeast team has closed roughly 4,100 units totaling more than $800 million.
Contact Hanna at hgambini@hartfordbusiness.com
