Beacon Falls, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the sale of 187 units at Beacon Mill Village, an eight-building, 188-unit fractured condominium asset. The property sold for $28.4 million, which equates to $151,872 per unit.
“Located along the Rte. 8 corridor, the property is an historic adaptive re-use asset with large mill units and attractive apartment fundamentals relative to assets located in greater New Haven and the Shelton-area market just a few exits south,” said Victor Nolletti, senior managing director leading IPA’s Northeast team. Nolletti was assisted by Eric Pentore, IPA first vice president, and Wes Klockner, Marcus & Millichap senior associate. The IPA Northeast team represented the seller and procured the buyer.
Beacon Mill Village is located at Two North Main St. within walking distance of a Metro-North train station. The property is accessible from I-95, I-84, and the Merritt Pkwy. Originally constructed between 1851 and 1911 as a mill for the Home Woolen Co., the buildings were converted to residential units in 1988.