New Haven, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap, completed the sale of The Novella, a mixed-use asset featuring 136 residential units on five floors above retail and parking. The property sold for $39.625 million.
“The Novella is one of the very few luxury assets located in the core Yale district and is highly walkable to the Old Yale campus, Yale Hospital, the central business district and the core commercial district,” said Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team. “Meticulously developed by Stamford’s RMS Companies, Novella is fully amenitized with ultra-modern luxury finishes. It is a unique legacy asset that will outperform the market.”
Nolletti, along with Steve Witten, senior managing director, and Eric Pentore, first vice president investments, represented the seller, RMS Chapel Street LLC and procured the buyer, 1245 Chapel Street LLC.
Completed in 2015, The Novella is composed of studio, junior one-bedroom, one-bedroom, and two-bedroom apartments. The first floor includes the 1,135 s/f Chapel Street Pharmacy, 3,380 s/f of retail space for lease, and 85 gated parking spaces.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.