Steve Witten and Victor Nolletti, both vice presidents of investments and senior directors in Marcus & Millichap's National Multi Housing Group, arranged the sale of the 34-year-old, 156-unit River's Edge Apartment Homes in Waterbury, CT.The brokers represented the buyer, River Owner LLC, and the seller, ERP Operating Limited Partnership. Financing was provided by Fannie Mae through PNC ARCS, a Fannie Mae DUS lender based in Calabasas, CA.
The sale price equates to $68,000 per unit.
Steve Witten
"Multi-family remains the preferred investment property type for institutional and private investors in the current economic climate," says Witten. "Apartment properties provide investors with stable, solid returns, particularly in New England's supply-constrained markets."Nicolletti calls River's Edge "a superior-quality property located in one of New England's strongest multi-family growth markets."
The Class A property is located along the Interstate 84/State Route 8 corridor, where there are limited, newer luxury rental opportunities, the broker says.
Victor Nolletti
Developed in 1974, River's Edge Apartment Homes at 35 Sharon Road is an "exceptionally well maintained," Tudor-style apartment community in the northeastern portion of Waterbury near the Wolcott town line.The 134,904 square-foot gated apartment community includes six studios measuring 400 square feet, 67 one-bedroom flats encompassing between 560 square feet and 680 square feet and 83 two-bedroom flats of between 1,000 square feet and 1,220 square feet. In all, the complex contains seven detached buildings on 10.51 acres.
Each unit includes a private deck or patio, wall-to-wall carpeting, ceramic and vinyl tiles, updated kitchens with ranges and refrigerators.
Witten says River's Edge provides residents with a comfortable lifestyle, easy access to local community services, supermarkets and malls, including the Danbury Fair Mall, West Farms Mall and Brass Mill Mall.
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