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February 19, 2025

230-unit luxury apartment development in New Haven sells for $71.7M

CBRE The Whit Wooster Square apartments on Chapel Street in New Haven.
By Andrew Larson

A luxury multifamily apartment development in New Haven, which was completed in 2022, has been sold to a joint venture for nearly $71.72 million, making it the Elm City’s largest multifamily deal since 2023, according to commercial real estate firm CBRE, which brokered the sale.

The Whit Wooster Square is a 230-unit apartment complex that spans two buildings on Chapel Street. The sale was recorded by the city clerk on Feb. 13.

The buyer was a joint venture between Stamford-based real estate investment firm True North Management Group and Scully Co., a Philadelphia-based multifamily investor and developer. 

The seller was Hines Interests Limited Partnership.

CBRE represented both the buyers and seller. 

The properties – at 630 and 673 Chapel St. – were purchased by Hines for $14.5 million in 2019. They previously housed a surface parking lot and a vacant office building, which was torn down.

The luxury apartments feature 6-foot ceilings, stainless steel appliances, white quartz countertops, porcelain-tile backsplashes and in-unit washers and dryers.

About 25% of the units feature loft-style designs, with 20-foot ceilings. Other amenities include a club-style gym,  rooftop terrace with grills and a bar, resident lounge, catering kitchen and club room, community dining room, resort-style pool and courtyard with grill stations.

The apartments are located between New Haven’s historic Wooster Square neighborhood and the central business district.

“New Haven shares many of the features that drive investors to the Boston market with a mini-Cambridge effect — namely a strong research university presence supporting a robust life sciences sector,” said Simon Butler, vice chairman at CBRE. “That powerful employer story coupled with the outstanding accessibility of New Haven and its high quality of life is a major draw for residents.”

The CBRE team that brokered the sale was led by Butler, Jeffrey Dunne, Biria St. John, Eric Apfel and Travis Langer.

CBRE also arranged the financing led by Tom Traynor, Adam Spengler, Nick Harris and Jake Helmig.
 

Correction: The article has been updated to reflect the total sale price of the properties. 

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