STAMFORD, CT - Cushman & Wakefield announced Wednesday the sale of Merritt Apartments, a four-building, 34-unit apartment complex located in the heart of downtown New Canaan, Connecticut. The properties were sold to M2 Partners, LLC, based in New Canaan, Conn. Cushman & Wakefield represented the seller, New Canaan Merritt Apartments, LLC, also based in New Canaan, Conn. The property sold for $8,375,000 or $246,320/unit.
The Cushman & Wakefield sales team was comprised of Al Mirin, senior director, and Kate Schwartz, associate, members of Cushman & Wakefield’s Private Capital Group. The Private Capital Group specializes in middle market building sales ranging from $2 million to $15 million.
The apartment complex totals 39,531 square feet and is comprised of four distinct buildings: the 7,562-square-foot, seven-unit 17-21 Maple Street; the 9,204-square-foot, eight-unit 162 Park Street; the 16,385-square-foot, 14-unit 168 Park Street; and the 6,380-square foot, five-unit 184 Park Street. Conveniently located in the center of New Canaan, the complex is just two blocks from the Metro North train station and is two miles from the Merritt Parkway (Route 15). Downtown shopping and more than 20 restaurants are within a five-minute walk from the property. It is also directly across from Mead Park, which offers a wide range of recreational activities including tennis courts, a playground, ball fields and a pond.
“It was a pleasure to represent New Canaan Merritt Apartments in the sale of this exceptional apartment complex,” said Mr. Mirin. “Simply put, this is the best location in New Canaan for apartments. It has been owned by a single family for multiple generations and I’m confident that M2 Partners will benefit from this investment.”
Arnold M. Karp and Karp Associates Inc. provided advisory services to M2 Partners on the purchase of the property. “Merritt Apartments is a perfect fit for M2 Partners, considering its ideal location in the center of town,” Mr. Karp added. “The acquisition fits well into M2 Partners’ strategic goals of redevelopment projects coupled with long-term appreciation for investment properties. We are glad that Mr. Mirin and his group brought this property to our attention.”
Ms. Schwartz commented, “We had numerous bidders vying for this investment opportunity, but M2 Partners was committed to the project and, as a local real estate investor group, best understood the property’s potential.”