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Institutional Property Advisors Closes Multifamily Asset Sale in Fairfield County Connecticut

October 08, 2024
SHELTON, Conn., Oct. 8, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Huntington Townhomes, a 99-unit multifamily asset in Shelton, Connecticut.

“Townhome living has become an extremely desirable, resilient, and underserved segment of the multifamily market,” said Victor Nolletti, IPA executive managing director investments. “Huntington Townhomes is a well-amenitized, 100% market-rate apartment property with a build-to-rent structure, strong in-place cash flow and the opportunity for a light value-add refresh. The average unit size is 1,414 square feet.” Nolletti, Pentore, Wes Klockner and Ross Friedel represented the seller, an affiliate of Inland Private Capital and procured the buyer, Beachwold Residential.

The property is just off Bridgeport Avenue, a heavily retailed corridor that provides a full spectrum of resident services. The Merritt Parkway, Interstate 95, and Connecticut Routes 25 and 8 are immediately accessible and the Stratford–Derby and Shelton commuter rail stations are within a short drive. New Haven and New York are 25 and 70 miles away, respectively.

Built in 2008 0n seven acres, Huntington Townhomes has a swimming pool, landscaped barbecue and picnic area, and fitness center. The unit mix is 86 townhomes and 13 two- and three-bedroom apartments. All units have washers and dryers, central air conditioning, and walk-in closets. Select units have gas fireplaces, and 70 units benefit from direct access garages.

 

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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.

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