Institutional Property Advisors completes $22.25 million sale of Cambridge Oxford Apartments

Cambridge Oxford Apartments, 32 High Street - New Haven, CT

New Haven, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, completed the sale of Cambridge Oxford Apartments, a multifamily restoration property consisting of 84 apartment homes. The property sold for $22.25 million.

“Construction began in 1860 and was finished in 1926. The property was completely and meticulously renovated in 2001,” said Victor Nolletti, IPA executive director. “Just steps from the Yale University Arch, Cambridge Oxford Apartments are poised for significant upside through the continuation of the unit upgrade program for the 58 unrenovated units.”

“The asset is within walking distance of theaters, art galleries, restaurants, shopping and entertainment options and is the premier off-campus living option for students, faculty and young professionals,” said Steve Witten, IPA executive director.

Nolletti and Witten, who head the IPA Northeast & Florida team with IPA senior director Still Hunter, and Gary Witten, a Marcus & Millichap vice president investments, represented the seller, Beacon Communities, which is based in Boston. This team also procured the buyer, East River Partners, a New York-based private equity investment and real estate development firm. J.D. Parker is Marcus & Millichap’s broker of record in Connecticut.

Victor Nolletti, Institutional Property Advisors

Steve Witten, Marcus & Millichap

Gary Witten, Marcus & Millichap

The property is located at 32 High St., near transportation options such as The New Haven Metro North Amtrak station, Tweed New Haven Regional Airport, and the Connecticut Transit bus line.

New Haven is home to many employers, particularly biotech firms, including Alexion Pharmaceuticals and Pfizer Pharmaceutical. The Smillow Cancer Hospital, Yale Stem Cell Center, Peabody Museum and Schubert Theater are also nearby.

“This unique property attracted institutional and private client interest on the national level, demonstrating the strength of the New Haven and Connecticut markets,” adds Gary Witten.

Community amenities include controlled-access entry, a leasing and management office, renovated fitness center, on-site laundry facility, off-street parking and Wi-Fi-equipped club room. Cambridge Oxford Apartments’ studio, one-, two-, three-, and four-bedroom units feature crown molding, hardwood floors, fully equipped kitchens with dishwasher and microwave, and individually controlled heating and air conditioning units.

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.