The following is a press release from Institutional Property Advisors (IPA).
Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Grand Reserve Orange, a 168-unit garden-style apartment complex in Orange, Conn. The $35,300,000 sales price equates to $210,000 per unit.
IPA executive directors Steve Witten and Victor Nolletti advised the seller, Behringer Harvard Orange LLC. The buyer is FF Realty II LLC.
“Grand Reserve Orange is the exemplary multifamily property in Orange and it is unlikely that anything similar will be built there,” says Witten.
“The property is centrally located to serve the needs of both lifestyle renters and transit-oriented tenants working in Fairfield and New Haven counties,” adds Nolletti.
Built in 2005 on more than nine acres, the 161,670 square-foot luxury apartment community is located at 75 Prindle Hill Road in Orange, Conn., immediately off Exit 41 on Interstate 95.
Grand Reserve Orange consists of six detached three-story buildings located on two separate contiguous parcels. There are 112 one-bedroom apartments, 28 two bedroom apartments, 28 three-bedroom luxury garden-style apartments and 10 different floor plans.
The apartment homes feature fully equipped kitchens with breakfast bar, walk-in closets, energy-efficient windows, individual alarms systems, in-home washer and dryer units and a private patio or balcony area. Select units also include bay windows with scenic views and gas-burning fireplaces.
Community amenities include a fully equipped clubhouse with resident lounge, scenic boardwalk over a wetland preserve, heated resort-style outdoor swimming pool, state-of-the-art fitness center with Cardio Theater, landscaped playground and picnic/barbecue areas.
Witten and Nolletti also recently advised on the sale of 124 units in Stamford, Conn., for $45,100,000 and 216 units in Fall River, Mass. for $20,500,000.