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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Two Apartment Complexes in Groton, Conn. Sell for $17.615 Million
Cushman & Wakefield Sonnenblick Goldman
Arranges Transaction on Behalf of Seller
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Tuesday, April 01, 2008
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New York, NY
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Groton Townhouse Apartments and Phoenix Apartments, two rental apartment complexes in Groton, Conn., have been sold to Mill Management, Inc. of Greenwich, Conn. Cushman & Wakefield Sonnenblick Goldman arranged the transaction on behalf of the seller.
“The sale and finance market for multi-family is still robust, and Groton has demand generators that should thrive in this economy,” said Dave Karson, managing director at Cushman & Wakefield Sonnenblick Goldman. “There was a lot of interest in these complexes, and we ultimately selected Mill Management as the buyer because of their strong track record in closing transactions and the properties’ fit with their existing portfolio.”
Groton Townhouse Apartments consists of 141 one-, two- and three-bedroom residences within a 29-building townhouse community. Each Groton Townhouse residence features hardwood floors; new appliances; ample parking; new windows and doors; and high-speed internet and cable.
Phoenix Apartments is comprised of 96 one-bedroom residences within three buildings. The complex features a card-operated laundry facility, state-of-the-art fitness center and a 24-hour emergency maintenance service.
Along with the U.S. Naval Submarine Base, Groton is also home to several other employers such as Pfizer, Inc’s Global Research and Development campus and the Electric Boat Division of General Dynamics, Inc.’s submarine construction facilities. Also nearby and adding to Groton’s housing demand is Foxwoods and Mohegan Sun Casinos.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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