A majority of a former, Industrial Revolution-era mill in Beacon Falls — converted to condominiums in 1986 but rented as apartments — has been sold for $21.7 million, according to a broker involved in the deal.
Beacon Mill Village, a 188-unit complex on the banks of the Naugatuck River, was purchased by UOB Eagle Rock Multifamily Property Fund LP for $145 a square foot.
The 184,188-square-foot complex includes eight historic mill buildings constructed between 1851 and 1911 for the Home Woolen Co., and were later used by the Beacon Falls Rubber Shoe Co.
The deal announced today includes 184 of the 188 units.
“The new owner has acquired an aesthetically beautiful, historic adaptive re-use property in the an excellent location with significant upside potential,” said Steve Witten of Marcus & Millichap’s Institutional Property Advisors, which represented the seller, BMV Associates LLC. “The opportunity exists to raise rents between $100 and $300 and still provide an extraordinary value to tenants in an upscale, suburban location along the Route 8 corridor.
The complex includes a resort-style swimming pool, large sun deck, tennis court and health club with an exercise room and sauna. Residents also have access to secure storage areas and parking.
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