Walking Distance Retail and Transit Gave this Asset an Edge
- Jun 12, 2015
East Haven, Conn.—An affiliate of Paredim Communities has acquired Stony Brook Village in Easy Haven, Conn. for $21.1 million from Hirschfeld Properties. Institutional Property Advisors worked for the seller to broker the transaction, which achieved a $127,500 per unit price. The 165-unit property was built in phases (1988 and 1996) at 140 Mill Street, which boarders the Foxon Road retail corridor where a ShopRite supermarket recently opened.
“Stony Brook Village is a transit-oriented multifamily asset in a suburban location that offers the new owner a value-add opportunity through the implementation of a modest renovation program,” said Steven Witten, executive director at IPA. Witten worked with fellow executive director Victor Nolletti, as well as Marcus & Millichap associate Wes Klockner, on the transaction.
In addition to the retail, the apartment community is on a Connecticut Transit bus line, and sits within 20 minutes of eight colleges and universities. Amenities include a fitness center, swimming pool, community room, business area, library, leasing center with private offices, and a designated dog walk area.
According to Yardi Matrix data, the property last sold in April 2007 for $22.2 million.
Grandbridge advances $67M loan
Tempe, Ariz.—Grandbridge Real Estate Capital recently closed a $67 million first trust deed mortgage secured by a 523-unit multifamily complex located in Tempe, Ariz. Financing was arranged by Tom Kenny, senior vice president, and Josh Boehling, vice president, both based in Grandbridge’s Orange County, Calif., office.
Funding for the fixed rate refinance loan was provided through Fannie Mae’s DUS loan product and featured a 12-year term with interest-only payments during the first five years followed by a 30-year amortization schedule. The interest rate for the transaction was locked at 3.78 percent.
Located in the Phoenix/Mesa MSA just steps away from Tempe Town Lake, the upscale contemporary Class-A community features 523 units (mix of studio, one-, two-, three- and four-bedroom floor plans) and totals 443,258 square feet of rentable space. The five- and six-story, 12-building community features stunning lake views. The site features top of the market amenities including: a rooftop sky lounge, resort style pools/spas, private cabanas and entertainment areas with outdoor fireplaces and gas grills. Inside, residents have access to a contemporary five-story clubhouse with kitchen, coffee bar and Internet café, a two-story 24 hour access fitness center and spin studio, business and conference center, private parking structures and attached garages. Units feature gas fireplaces, full-sized washers and dryers, and fully appointed kitchens with granite countertops, stainless steel appliances, gas ranges and custom cabinetry. The community is just steps away from lake jogging and biking trails.