January 12, 2018
Real Estate Roundup

Shelton townhouse apartment complex fetches $33M

Photo | Contributed
Photo | Contributed
The Avalon Huntington complex in Shelton sold recently for $33 million.
Photo | Contributed
90 River St., New Haven
Photo | Contributed
2 Hamden Park Drive
Photo | Contributed
852 Dixwell Ave., Hamden

A 99-unit townhome and garden apartment complex in Shelton sold recently for $33 million – more than $333,000 a unit, brokers said.

AvalonBay Communities Inc. sold its Avalon Huntington property to Illinois-based Inland Real Estate Group, said Institutional Property Advisors, a division of Marcus & Millichap, which represented the seller and found the buyer.

Inland Real Estate Group, a large commercial real estate and finance organization, purchased and owns the property through a related party, according to Joe Cosenza, the group's vice chairman.

Built in 2008, the complex at 100 Avalon Drive is located off Route 8, about 12 miles west of New Haven. It consists of 86 townhome apartments and 13 garden apartments, a mixture of two- and three-bedroom units.

Victor Nolletti, senior managing director for IPA's Northeast team, said the average apartment size is 1,413 square feet and 67 of the units have direct-entry garages.

Each apartment includes a gourmet kitchen, walk-in closet, energy-efficient windows, individual alarm system and full-sized washers and dryers, Inland Real Estate said in a news release. Some feature vaulted ceilings, balconies, gas fireplaces and separate dining rooms.

Common amenities include a heated outdoor pool, picnic area, clubhouse and fitness center, according to Inland, which plans to rename the complex Huntington Townhomes.

The property was 96 percent occupied as of Dec. 14, Inland Real Estate said.

Marine firm waterfront purchase

A Massachusetts dredging and maritime construction company, which plans to move its operations to the Elm City, has closed on the purchase of a vacant waterfront industrial property in the Fair Haven neighborhood.

Patriot Marine LLC acquired 90 River St. from MLF River LLC on December 20 for $930,000, said Colliers International, which brokered the transaction.

The marine company plans to invest in significant improvements to the 82,261-square-foot complex, including $1 million to install a steel bulkhead along the riverfront, Colliers International said.

The New Haven Independent reported in October that the company was eyeing the site to maintain equipment, weld cranes and store items as needed. There will also be an office to handle accounting, payroll and indoor tasks.

The company has said it would grant the city a permanent easement over the waterfront property for a pedestrian walkway.

Hamden industrial property, laundromat building sale

An 11,340-square foot office and warehouse facility and a 5,600-square-foot laundromat building sold recently in Hamden, brokers said.

Hamden-based J.F.D. Tube & Coil Products Inc. acquired the 1.29 acre property at 2 Hamden Park Drive from M.R. French Inc. of Sea Cliff, N.Y. for $610,000, said Press Cuozzo Commercial Services, which represented the seller. Newtown Realty represented the buyer.

Also in Hamden, a commercial building that houses a laundromat at 852 Dixwell Ave. sold for $425,000, according to Colonial Properties Inc. of Orange.

First Garden Development LP sold the building to SCRAAM Enterprises LLC, which will continue to operate the laundromat, said Colonial Properties, which represented both parties.

East Haven land deal

Two parcels of vacant land totaling 1.6 acres sold recently for $40,000 in East Haven, according to The Geenty Group Realtors in Branford.

The buyer, EH653 LLC, acquired the property at 611 and 617 Main St. from the Russo family, said The Geenty Group, which brokered the transaction.

The land is among several adjoining vacant parcels the buyer has acquired for future unspecified use, the real estate company said.

Natalie Missakian can be reached at news@newhavenbiz.com

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