IPA Sells $27.6M Property in Connecticut

IPA sells a 192-unit Connecticut property for $27.6 million; Cushman & Wakefield brokers a $14 million trade in Westchester, N.Y.; and NorthMarq arranges $15 million in combined first-mortgage financing.

Hillcroft at Danbury

Danbury, Conn.—Institutional Property Advisors has brokered the sale of Hillcroft at Danbury, a 192-unit, 189,722-square foot property, for $27,650,000. IPA senior directors Steve Witten and Victor Nolletti in Marcus & Millichap’s New Haven office represented the seller, Fairfield Hillcroft LLC and the buyer, Par Hillcroft LLC.

“Hillcroft at Danbury is well positioned for continued growth in one of Fairfield County’s strongest rental markets,” Witten says. “The property will provide the new owners with nominal risk, long-term financial stability and a superior location with exceptional demographics.”

Located near the Westchester County, N.Y. border, this Connecticut property consists of eight low-density frame-construction apartment buildings situated on 10 acres. The average unit size in 988 square feet, with a mix of four studios, 94 one-bedrooms, 82 two-bedrooms and 12 three-bedroom apartments.

Cushman & Wakefield brokers Westchester trade for $14M

Ossining, N.Y.—Claremont Gardens Apartments, a 183-unit property in Ossining, N.Y., has sold in Westchester County’s largest year-to-date multifamily trade, according to Cushman & Wakefield Inc., whose Metropolitan Area Capital Markets Group brokered the $14 million transaction. Cushman & Wakefield’s Brian Whitmer and Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut and Gary Gabriel handled the assignment, representing the seller, Claremont Garden Associates, and procuring and undisclosed buyer.

“Everyone we called wanted a tour; investor demand is truly improving,” Whitmer says. “Other properties in the immediate area have vacancies in the low single digits or are fully leased with wait lists. Investors recognized that this asset – with its vacancy rate in the high single digits and its prime location – presented an attractive opportunity.”

Claremont Gardens Apartments was built in 1976 under New York’s Mitchell-Lama affordable housing program, but was converted to market-rate housing in 2007. The property sits on 11.5 wooded acres overlooking the Hudson River.

NorthMarq Capital arranges $15M in combined mortgages

Gastonia, N.C.–Bill Matone, senior vice president of NorthMarq Capital’s Charlotte Regional office, arranged combined first mortgage financing in the amount of $15 million for two multifamily properties containing a combined total of 452 units.

Quail Woods Apartments, located in Gastonia, N.C., contains 188 multifamily units and was financed at $5.5 million. Stone Haven Pointe Apartments, located in Rock Hill, S.C., contains 264 units and was financed at $9 million.

Financing for both of these transactions was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrowers by NorthMarq through its Seller-Servicer relationship with Freddie Mac.