Core New Haven Mixed-Use Asset Trades for $39.6 Million

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NEW HAVEN, Conn.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE: MMI) today announced its Institutional Property Advisors (IPA) division closed the sale of The Novella, a mixed-use luxury asset featuring 136 residential units on five floors above retail and parking in New Haven, Conn. The property sold for $39,625,000.

“The Novella is one of the very few luxury assets located in the core Yale district and is walkable to the Old Yale campus, Yale Hospital, the central business district and core commercial district,” said Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team. “Meticulously developed by Stamford’s RMS Companies, Novella is fully amenitized with ultra-modern luxury finishes. It is a unique legacy asset that will outperform the market.”

Nolletti, along with Steve Witten, senior managing director, and Eric Pentore, first vice president investments, represented the seller, RMS Chapel Street LLC and procured the buyer, 1245 Chapel Street LLC.

Completed in 2015, The Novella is composed of studio, junior one-bedroom, one-bedroom, and two-bedroom apartments. The first floor includes the 1,135-square-foot Chapel Street Pharmacy, 3,380 square feet of retail space for lease, and 85 gated, on-site parking spaces.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

About Institutional Property Advisors

With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.IPAusa.com

Marcus & Millichap
Gina Relva, 925-953-1716
Public Relations Director

Source: Marcus & Millichap

Released September 25, 2017