Jones Street’s Purchase of Town Stroll Sets New Record for Nutmeg State, Though a $165 Million Apartment Sale in Downtown New Sanctuary May Not be Far Behind
Boston home designer Jones Street Investment Partners has actually closed on an apartment complex near New Sanctuary in a deal that signs up as the largest single multifamily sale ever in the state of Connecticut, though the record may have a brief run.
Jones Street paid $136.5 million, or about $179,000 per system, for the Town Walk at Hamden Hills, a vast 764-unit, garden-style complex in Hamden. Located at 100 Town Stroll Dr., the property is about 75 miles northeast of downtown Manhattan, and simply outside New Haven.
Rental homes in Connecticut have actually cost more on a per-unit cost basis. However the Town Walk is the most significant pure dollar rate paid in the state for any single house residential or commercial property, according to CoStar data and area brokers.
Until now, the record had been $134.7 million. That’s what Capri Investment Group of Chicago paid for the 101 Park Location apartment or condos in Stamford, Connecticut, in January 2014. That equated into $401,000 per system for the 336-apartment complex.
Home to Yale University, Quinnipiac University and the University of New Sanctuary, the city is a college town, with education and health services as the most significant employment sectors. Neither sector is renowned for its increasing development, and the regional economy shows that with a few of the greatest unemployment rates in the Northeast, inning accordance with CoStar research.
Nevertheless, development of brand-new apartment or condos has actually been nearly minimal over the last few years, keeping the vacancy rate stable and low.
However, there are 2 future advancements proposed in New Haven that might be market changing. Northland Investment Corp. has actually started demolition of an aging real estate project called Church Street South. The Newton, Massachusetts-based designer is seeking to construct a mixed-use advancement with about 1,000 apartments. Work simply began this spring.
And at 275 South St., the site of the former New Haven Coliseum arena, the city of New Haven has actually selected a Canadian designer to re-develop a site for another 1,000 apartments. LiveWorkLearnPlay, of Quebec, intends to begin deal with the task next spring.
Hamden belongs to the relatively little however constant New Sanctuary home market. The typical job in the market is 4.5 percent, a notch listed below the 5.7 percent nationwide average, according to CoStar information. A great chunk of the rentals in the market are clustered around Yale University.
Though it sets the watermark for now, Town Walk’s pricing record might not last long. CBRE is presently marketing 360 State St. in downtown New Haven. That 500-unit, 32-story tower is expected to bring in bids of $165 million, or more.
Established in 1992, the Town Walk neighborhood is now about 95 percent rented. However the age of the residential or commercial property may make it ripe for some unit improvements that could boost rents.
The homes are a mix of one- to three-bedroom systems, with walk-in closets, washers and clothes dryers and open kitchen areas with white appliances. The property’s facilities consist of tennis and racquetball courts, a swimming pool, park and fitness center.
HK Group’s Matthew Keefe and Ricardo Cordido brokered the sale for Baker Residence, an owner-operator based in White Plains, New York City.
For more details on the sale of Town Walk, please see CoStar Compensation # 4492593.