An upscale apartment complex in New Haven’s Westville neighborhood has sold for $41.6 million, the largest apartment sale this year in the state by overall purchase price, according to brokers involved in the deal.
Wintergreen of Westville, a New Haven apartment complex, has sold for the highest overall price so far this year in Connecticut. Photo Credit: Institutional Property Advisors.
Wintergreen of Westville, a 294-unit complex built in 2008, has been purchased by UOB Eagle Rock Multifamily Property Fund LP for a purchase price just under $141,000 a unit. The complex at 400 Blake St. have five, four-story buildings and a mix of one-, two- and three-bedroom units. The average unit size is about 1,100 square feet.
The next largest deal this year was a $40 million in Stamford, according to Steve Witten and Victor Nolletti of Institutional Property Advisors, who represented both the buyer and the seller, SA Wintergreen LLC.
Apartment vacancy has ranged between two and four percent in New Haven this year, little unchanged from a year ago. The low vacancy rate places New Haven among the tightest in the country, making it attractive to investors who can raise asking rental rates.
Witten said restrictive zoning locally makes it difficult for developers to build new complexes.
“Over the long term, we expect New Haven multifamily fundamentals to strengthen,” Witten said. “Restrictive zoning and a growing population have created pent-up demand for newer, high-quality product, like Wintergreen at Westville.”
Amenities in the five building, four-story complex include a 24-hour fitness center, club rom with big-screen TV, billiards, a gourmet kitchen and WiFi, a high-tech business center, outdoor barbecues and 586 ground-level, surface and covered parking spaces.
Nolletti said the complex has a cross-section of a large student population from three universities, including Yale, emptynesters and young professionals.
Steve Witten and Victor Nolletti of Institution Property Advisors represented both the buyer and the seller, SA Wintergreen LLC.
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2 Responses to New Haven Apartment Complex Sells For Biggest Price This Year In Connecticut
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I wish I had the kind of cash to buy one of those wow that’s a lot.
its a junky complex on all concrete without any balconies or a pool. i am surprised. i dont like it, reminds me of san diego or something, and though there are things i prefer, i figured there are only a few ways to save it, build a pool, clean the river and make it a focal point, even though the sewage might land in there somehow, and maybe do a trader joes onsite or something to make it more than just a stark apartment complex made to look “luxurious” but is just there.