Core New Haven Mixed-Use Asset Trades for $39.6 Million
New Haven, Conn., Sept. 25, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Novella, a mixed-use luxury asset featuring 136 residential units on five floors above retail and parking in New Haven, Conn. The property sold for $39,625,000.
“The Novella is one of the very few luxury assets located in the core Yale district and is highly walkable to the Old Yale campus, Yale Hospital, the central business district and the core commercial district,” says Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team. “Meticulously developed by Stamford’s RMS Companies, Novella is fully amenitized with ultra-modern luxury finishes. It is a unique legacy asset that will outperform the market.”
Nolletti, along with Steve Witten, senior managing director, and Eric Pentore, first vice president investments, represented the seller, RMS Chapel Street LLC and procured the buyer, 1245 Chapel Street LLC.
Completed in 2015, The Novella is composed of studio, junior one-bedroom, one-bedroom, and two-bedroom apartments. The first floor includes the 1,135-square-foot Chapel Street Pharmacy, 3,380 square feet of retail space for lease, and 85 gated, on-site parking spaces.