The Campus View Partments. Photo courtesy of JLL
Three prewar New Haven apartment buildings close to Yale have traded hands for nearly $41 million.
Investor C.A. White sold two of its properties New Haven’s Dwight neighborhood to New Jersey investor CSRE Group for $20.6 million recently, city property records show. Commercial brokerage JLL said it represented C.A. White in the deal. New Jersey-based Newbridge Lending LLC provided a $19.2 million mortgage for the two-building deal according to a mortgage filed with the New Haven city clerk’s office.
The Campus View Apartments at 84 Howe St. holds 77 units and was built in 1925, city property records show. The Traymore Apartments at 120 Dwight St. holds 49 units and was built in 1925. The former “has been upgraded to include modern finishes and offers residents an outdoor community courtyard,” JLL said.
C.A. White also sold an 86-unit, downtown New Haven multifamily property for $20.25 million to The Simon Konovery Company for $20.25 million in January. JLL also represented the company in the deal for the Centerpointe Apartments, located at 109 Church St. The property is made up of two older office buildings combined into one and converted to multifamily in the early 2000s.
JLL said the Campus View and Traymore apartments’ proximity to Yale, Yale New Haven Hospital and the city’s downtown amenities plus Connecticut’s relatively high barriers to entry drove the buildings’ value, appealing to students, hospital workers and the city’s limited stock of downtown office workers.
“JLL ran a competitive process which ultimately procured several offers varying from portfolio bids to single asset offers,” JLL Senior Managing Director Steve Simonelli said in a statement. “CSRE Group was ultimately chosen given their portfolio offer and aggressive pricing, demonstrating continued investor confidence in the New Haven multifamily market.”
JLL Capital Markets’ Simonelli, along with Managing Directors Henry Schaffer, Jon Bryant and John Flaherty and analyst Anthony Nakhle, represented C.A. White.
