Institutional Property Advisors (IPA), a division of Marcus & Millichap, has sold The Ledges Apartment Homes, a 399-unit multifamily community in Groton, Conn.
IPA Northeast Team Senior Managing Director & Lead Advisor Victor Nolletti, assisted by First Vice President Eric Pentore and Senior Associate Wes Klockner, exclusively represented seller B.A.G. Investments Inc., and procured the buyer, Merion Realty Partners.
Built in 2004, The Ledges features 14 residential buildings and a leasing office-community center on nearly 30 wooded acres in a quiet country setting. The property’s unit-to-acre ratio is 11 to 1, and the average unit size is 1,034 square feet.
Strategic location near retail corridor
The property is situated near the Thames River in Groton. One of the area’s busiest retail corridors, Long Hill Road-U.S. Route 1, ribbons nearby. Residents have easy access to Interstate 95, Jewish War Veterans Highway, Hartford and New Haven, Conn., Rhode Island, and Boston, Mass.
“The asset is extremely well positioned to benefit from the exceptional growth at Electric Boat/General Dynamics and the secondary companies that support the design and construction of Virginia- and Columbia-class submarines,” said Nolletti in a prepared statement. “The transaction highlights IPA’s ability to bring a strong understanding of secondary markets to a broad and diverse investor base.”
All units feature walk-in closets, crown moldings, window coverings, high-speed Internet, washer-dryer, air conditioning, fireplace, and balcony.. Common-area amenities include clubhouse, fitness center, pool, playground, walking and biking trails, game room, deck, barbecue area with grill, picnic area, package service, controlled access, business center, clubhouse and storage space. The New London Shoreline East train station is less than 10 minutes away. Several large employers such as the Naval Submarine Base New London, the Coast Guard Academy and General Dynamics are also located nearby.
Earlier this month, IPA also brokered the sale of Carabella at Warner Center, a 224-unit community in the Warner Center/Woodland Hills area of Los Angeles.
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Image courtesy of IPA