Institutional Property Advisors offers multifamily development site for sale

Groton, CT Institutional Property Advisors (IPA), a division of Marcus & Millichap, has listed for sale a 33-acre multifamily development site. 

“The site is an as-of-right, 100% market-rate multifamily development opportunity that supports the construction of approximately 460 units,” said Victor Nolletti, IPA executive managing director investments. Nolletti and Wes Klockner of IPA are representing the seller, L & L Groton LLC. “The seller has advanced entitlements and technical due diligence that substantially mitigate execution risk, allowing the buyer to focus on final design, capitalization, and development,” added Nolletti. “The property is ideally suited for a developer seeking to deliver a landmark multifamily project in one of Connecticut’s most resilient and durable growth corridors.”

The site is located at 1214 Gold Star Hwy. in the commercial regional zone, five miles from General Dynamics Electric Boat.

“In April 2026, Electric Boat announced plans to hire approximately 8,000 additional employees by the end of 2026, the largest single year hiring initiative in the company’s history,” said Klockner. “The expansion is supported by more than $15 billion in U.S. Navy submarine contracts that extend through 2035, reinforcing Groton’s position as one of New England’s most durable employment centers.”

The United States Coast Guard Academy and the New London train station are nearby, and the Groton-New London Airport is within a drive. I-95, I-395, and public waterfront access at Eastern Point Beach and Avery Point are within proximity.