Converted CT Community Trades for $28M

Navarino Capital Management purchased the community, a 19th-century mill remodeled in 1988. The property last changed hands in mid-2012 for nearly $17 million.
Beacon Mill Village. Image via Google Maps

Eagle Rock Advisors has sold 187 units of the Beacon Mill Village Apartments, a 188-unit fractured condominium property in Beacon Falls, Conn., for $28.4 million. Navarino Capital Management is the new owner, according to Yardi Matrix. The asset last changed hands in June 2012, when Eagle Rock acquired the community from Seaboard Properties for $16.6 million.

Located at 2 N. Main St. alongside the Naugatuck River, the community is 14 miles northwest of downtown New Haven, Conn. The property is a short walk from several restaurants in addition to the town’s train station, which connects the area to Manhattan.

Beacon Mill Village’s eight buildings, constructed between 1851 and 1911, initially served as a mill for Home Woolen Co. In 1988, following the completion of extensive adaptive reuse work, the asset reopened as a multifamily community. The property contains a mix of loft, apartment and townhome units, with floorplans ranging between 268 and 1,547 square feet. Amenities include a fitness center, a swimming pool, four laundry facilities and a tennis court.

Institutional Property Advisors’ Victor Nolletti and Eric Pentore, along with Marcus & Millichap’s Wes Knocker, acted on behalf of Eagle Rock and secured the buyer in the deal.