Cue Residential has purchased a three-property, 234-unit multifamily portfolio in New Haven and Hamden, Conn., from Beachwold Residential. Institutional Property Advisors represented the seller and procured the buyer.
The portfolio includes The Liberty Building, a 123-unit property at 152 Temple St. in downtown New Haven, less than a mile from Yale University. The property was converted to apartments in 1999, maintaining the historic architectural features of the city’s downtown. The Liberty Building has 60 distinctive floor plans, with the units featuring 14-foot ceilings and exposed brick interiors. Property amenities include an indoor lounge, business center, library, and fitness center.
The sale also includes the 65-unit Hamden Centre and 46-unit Dogwood Apartments at 169 School St. in Hamden. Both communities were constructed in the 1970s, and feature a mix of studio, one-, and two-bedroom units, ranging from 425 square feet to 985 square feet. The communities provide access to Route 15 and Interstate 91, connecting the area to downtown New Haven, roughly 6 miles away.
Thanks to Connecticut's far lower price points compared to nearby New York City, New Haven has become a popular destination among Northeastern cities in recent years. That said, with demand projected to outpace supply, the city will likely register steady rent growth in the near future, according to prepared remarks from Victor Nolletti, executive managing director at IPA.