Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 91, 95 and 97 Howe Street, a 44-unit contiguous apartment portfolio located in New Haven, Connecticut. The portfolio property sold for $6,610,000.
“We continue to see strong investor demand for well-located value-add multifamily opportunities” said Wes Klockner, first vice president. “91 Howe has been renovated into chic apartments attracting young professionals and lifestyle renters, but 97 Howe offers a significant redevelopment opportunity through rehabilitation of large three-bedroom / two-bath units.”
Klockner, Eric Pentore, and Ross Friedel, investment specialists in Marcus & Millichap’s New Haven office, had the exclusive listing to market the property on behalf of the seller, an LLC. The buyer, a New York-based LLC, was also procured by Pentore, Klockner, and Friedel.
91 Howe consists of 36 studio apartments that are approximately 400 square feet, 95 Howe is a two-family home, and 97 Howe contains six, three-bedroom apartments, all six of which were vacant at the time of sale. Built in 1900, these apartment buildings are situated in a remarkably pedestrian-friendly locality, offering close access to most Yale University campuses. In addition to being steps away from Yale, the property is situated right between two of the most frequented shopping/dining destinations serving downtown New Haven: the Broadway Shopping District and Chapel Street Shopping District. With retailers such as Apple, Patagonia, Lululemon, Starbucks and more.
