Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of 185 residential units at Beacon Mill Village, a historic mill conversion completed in 1988 in Beacon Falls, Connecticut.
“Properties along the lower Route 8 corridor are poised to benefit from revenue enhancement upgrades,” said Victor Nolletti, IPA executive managing director of investments. “A review of comparable rents suggests that by upgrading common areas and enhancing amenities, the buyer can achieve significant upside.” Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, Navarino Capital Management, and procured the buyer, Beacon Mill Holdings II LLC.
Listed on the National Register of Historic Places, Beacon Mill Village is an eight-building historic residential adaptive re-use asset located on eight acres along the Route 8 corridor. The Route 8 corridor provides excellent access to New Haven, Upper Fairfield County, and Greater Danbury. Major employers within a 20-minute drive of the property include Dianon Systems Inc., Lockheed Martin, Gama Aviation, Pitney Bowes, Bridgeport Hospital, Amazon, Yale-New Haven Health, and Yale University.
This well-executed conversion of the former Home Woolen Co., Beacon Mill Village was completed in 1988. The loft and townhome-style apartment homes have original brick exteriors, high ceilings, exposed brick interior walls, and heavy timber beams. The average
unit size is 809 square feet. Community amenities include a swimming pool, fitness center, and sauna.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
