Steve Witten, Victor Nolletti and Eric Pentore of New Haven-based Marcus & Millichap Real Estate Investment Services were the sole brokers in the sale of 42 units for $2 million ($47,619/unit). Located at 94 West Main St.; the transaction closed July 19.
Built in 1989, the property was sold by the original builder/developer and the improvements consist of one three story frame structure with 39 one-bedroom units and 3 efficiency units. Each one-bedroom unit contains a living area of between 500 to 600 s/f and the efficiencies contain a living area of approximately 400 s/f. Each unit contains a galley?style kitchen with four-burner stove, refrigerator and dishwasher. Each bathroom contains three fixtures including tub with shower/fiberglass walls, water closet, sink with vanity and exhaust fan.
Individual (tenant paid) electric forced warm air zone line units provide heat and air conditioning, and individual (tenant paid) electric 40 gallon boilers supply domestic hot water. The building is fully sprinklered and directly across the street from a fire station. 94 West Main St. is situated in downtown Plainville. Within walking distance are a number of local businesses including restaurants and retail shops as well as the Plainville town hall and municipal offices.
The seller was a private owner; represented by Roman Garbacik, Southington and the buyer is 94 W. Main Apartments LLC, represented by attorney Brad Aron, Westport.