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May 24, 2024

Historic Beacon Falls mill-turned-apartments complex sells for $32M

COSTAR The Beacon Mill Village contains loft- and townhome-style apartment homes.
By Greg Bordonaro

A Beacon Falls apartment complex listed on the National Register of Historic Places has sold for $32 million.

The eight-building, 185-unit Beacon Mill Village, at 2 N. Main St., sold in late April. The property, located on 8 acres along the Route 8 corridor, was formerly a historic mill that was converted to apartments in 1988, according to Institutional Property Advisors (IPA), a division of Marcus & Millichap, which brokered the deal.

The property retains its original condominium ownership structure, but is operated as a 100% market-rate apartment community, IPA said. 

The buyers included two separate LLCs with offices located in Brooklyn, New York: Beacon Mill Holdings LLC, which purchased an 84.6% stake; and Beacon Mill Holdings II LLC, which bought a 15.38% stake, according to land records. 

Both LLCs are controlled by principal Shlomo Tajerstein, land records show.

The seller was Shelton-based Navarino Capital Management.

The property was formerly home to the Home Woolen Co., a maker of woolens and rubber products.

It now includes loft and townhome-style apartment homes with original brick exteriors, high ceilings, exposed brick interior walls and heavy timber beams, according to IPA. 
The average unit size is 809 square feet. Community amenities include a swimming pool, fitness center and sauna. 

IPA’s Victor Nolletti, Eric Pentore and Wes Klockner represented the seller, and procured the buyer.
 

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