Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 375-379 Liberty Street, Stonington, according to John Krueger, Vice President and Regional Manager of the firm’s Manhattan and New Haven offices. The asset, called Homestead Apartments, sold for $2,250,000.
Marcus & Millichap New Haven agent Gary Witten exclusively represented the seller, the property’s original developer and owner, who had been actively operating the property since 1970. Witten also secured the buyer, a private investor, after a very short time on the market. “Our Marcus & Millichap team was able to put this property under contract within 48 hours of listing, highlighting the strength of both the asset, as well as our own marketing efforts.”
Located in the village of Pawcatuck in the town of Stonington, the apartment complex consists of 18,850 square feet on five acres. Homestead apartments includes 26 units, a mix of one- and two-bedrooms. According to Witten, “The property had been well-maintained with periodic updates. Homestead Apartments has consistently operated at high levels of occupancy and was 100% occupied at closing.”
Witten considers the site’s location in New London County to be key to the property’s quick sell: “We attracted interest because of the New London Market’s strong employment growth, with major employers such as Electric Boat, Pfizer, Mohegan Sun and Foxwood Casinos, New London Naval Submarine base, the United States Coast Guard Academy, and University of Connecticut’s Avery Point campus.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.