Institutional Property Advisors Closes Apartment Asset Sale in New Haven Connecticut
NEW HAVEN, Conn., Feb. 4, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of West Gate Townhomes, a 135-unit multifamily asset in New Haven, Connecticut.
“West Gate Townhomes is a unique asset offering spacious suburban living less than four miles from Downtown New Haven,” said Victor Nolletti, IPA executive managing director. “The purchase creates an excellent value-add opportunity supported by New Haven County’s beneficial real estate fundamentals.” Nolletti and team members Eric Pentore, first vice president, and Wes Klockner, senior associate, represented the seller, Eagle Rock Advisors LLC and procured the buyer, West Gate Ventures LLC.
Built in 1947 on 10 acres in New Haven’s Westville neighborhood, the property is near Connecticut Route 15, and four miles from the New Haven State Street commuter rail station. Hopkins School, the third-oldest independent secondary school in the United States is in Westville, as are many of Yale University’s athletic facilities, the Yale Golf Course, the Yale Bowl, Reese Stadium, and the university’s upper athletic fields. West Gate Townhomes is also close to Southern Connecticut State University, the University of New Haven, Albertus Magnus College, and the Whalley Commons shopping center. The property’s unit mix is all one- and two-bedroom townhouse apartments.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com