$20.9 Million Luxury Apartment Asset Sold by IPA
SIMSBURY, Conn., Sept. 7, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Mill Commons Apartments, an 88-unit condominium-quality luxury apartment complex in Simsbury, Connecticut. The $20.9 million sales price equates to $237,500 per unit.
“Mill Commons is an outstanding combination of design innovations and luxury amenities in a New England location with exceptional demographics, including average annual household incomes over $140,000,” says Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team. “The property exemplifies the luxury urban-suburban apartment living environment preferred by lifestyle renters, millennials, renters-by-choice and empty nesters.”
Nolletti, along with Steve Witten, senior managing director, and Eric Pentore, first vice president investments, represented the seller, Mill Commons LLC, and procured the buyer, Beachwold Partners LP.
The property is located at 1 Millers Way in Simsbury within walking distance of Simsbury Center’s dining, shopping and recreational attractions. The Shoppes at Farmington Valley, Bishops Corner, West Hartford Center/Blueback Square, Westfarms Mall and Connecticut routes 10, 44 and 185 are nearby.
Mill Commons Apartments received six awards from the Home Builders and Remodelers Association of Connecticut, including the prestigious “Community of the Year” designation. The certified Energy Star 3.0 complex was constructed with rain gardens, bioswales, subsurface drainage infiltrators, and runoff storage for irrigation. Five hundred yards of brownstone were harvested during site development, cut into veneer, and used on the façade and grounds. Paved walking trails provide access to a dog park and a clay brick linear park leads to a covered bridge.