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June 30, 2022 REAL ESTATE

Three Greater New Haven multifamily properties sell for combined $48.9M

PHOTO | CONTRIBUTED The Liberty Building in New Haven.
By Michelle Tuccitto Sullo

A three-property multifamily portfolio totaling 234 residential units in Greater New Haven recently sold for $48.9 million.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, handled the transaction. The properties include one building in New Haven and two complexes in Hamden.

Victor Nolletti, IPA executive managing director, said New Haven has become “one of the most sought-after Northeast cities to live in.”

“With a tight housing market, it will continue to experience rent growth as demand outstrips supply,” Nolletti said. “All three properties are 100% market-rate multifamily assets with stable in-place cash flow.”

Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, Beachwold Residential, and procured the buyer, Cue Residential.

One of the properties included in the deal was the Liberty Building, at 152 Temple St., New Haven. It has 123 units and was converted into an apartment building in 1999. The building has distinct floor plans, including studios with open floor plans. The apartments have 14-foot ceilings, exposed brick, downtown views, and amenities such as an indoor lounge, business center, library and 24-hour fitness center. 

Also included in the deal was the 65-unit Hamden Centre, a four-building property constructed in the 1970s. 

The third property was the 46-unit Dogwood Hill Apartments in Hamden, which was built in 1975, within walking distance of the town center and close to attractions such as Sleeping Giant State Park. 

Earlier this year, Nolletti was involved in the $52.5 million sale of the Taft Apartment Building, a historic former hotel. 

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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