Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Orange Gardens, a 175-unit multifamily property in West Haven, Connecticut.
“This 100% market-rate apartment property has a history of strong occupancy and new ownership is in position to drive revenue growth through improved operations, enhancements to exteriors, and unit upgrades,” said Wes Klockner, IPA vice president. “West Haven, a market with limited new supply, has seen 29% rent growth over the past four years. ”Klockner, along with Eric Pentore, IPA senior vice president, Victor Nolletti, IPA executive managing director, and IPA’s Ross Friedel represented the seller, and procured the buyer. Both buyer and seller are limited liability companies.
The property is within a short drive of the University of New Haven, Yale University, and Southern Connecticut State University. Commuter rail is nearby at Metro-North Railroad’s Union and West Haven stations. Shopping is within proximity at Orange Plaza, the Connecticut Post Mall, and the Orange Promenade Shopping Center. Built between 1963 and 1969, Orange Gardens is a 13-building asset on 15 contiguous or neighboring parcels that span 6.26 acres.
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.
