Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of 200 Fountain, a seven-story, 158-unit multifamily property in New Haven, Connecticut.
“On the market for the first time in 20 years, 200 Fountain was offered with below-market, long-term existing agency debt,” said Victor Nolletti, IPA executive managing director investments. “The asset gives the buyer opportunities to increase revenue through significant loss-to-lease gains and unit renovations.” Nolletti, along with Eric Pentore, IPA senior vice president, Wes Klockner, IPA vice president and IPA’s Ross Friedel represented the seller, 200 Fountain LLC and procured the buyer, Cue Fountain Property LP.
The property is minutes from Downtown New Haven in the city’s Westville neighborhood and walking distance to Westville’s many restaurants and shops. The University of New Haven and Southern Connecticut State University are nearby, and commuter rail service is within proximity at the New Haven-State Street and New Haven-Union MTA stations.
Constructed in 1963, 200 Fountain’s amenity space features a large resident lounge, resident library, and fitness and business centers.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
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.
