Magazine
Subscribe
Editorial
Media Kit
Talk to us

News : Real Estate Jan 10, 2013 - 7:39:48 AM


C&W announces sale of Merritt Apartments in New Canaan

By Cushman & Wakefield





Font size: Small Big
Email this article
 Printer friendly page
Share this article:
facebook del.icio.us Yahoo! MyWeb Digg reddit Furl Blinklist Spurl
Buy the "As seen on" mug
Merritt_Apartments_-_Copy.jpg
Merritt Apartments (contributed photo)
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.”




© Copyright by StamfordPlus.com. Some articles and pictures posted on our website, as indicated by their bylines, were submitted as press releases and do not necessarily reflect the position and opinion of StamfordPlus.com, Stamford Plus magazine, Canaiden LLC or any of its associated entities. Articles may have been edited for brevity and grammar.




[an error occurred while processing this directive]




Note: We reserve the right to delete posts at any time if we decide that they are offensive or distasteful.
CURRENT HEADLINES:
Chelsea Piers Connecticut director Mollie Marcoux named new director of athletics at Princeton University
Westport Public Library to host Women and Finance for Financial Literacy Month
Barbara Taylor Bradford to speak at Stamford's Ferguson Library May 8
Malloy: With application approved company expected to move jobs into Oxford
Edward Nusbaum Selected Connecticut Top 10 Family Lawyer


Top of Page










StamfordPlus.com is part of the Canaiden Online Media Network.
Stamford Plus Online | Norwalk Plus Online | Canaiden.com | Best of Norwalk | Best of Stamford | Hauterfly Magazine | SummerCampPlus.com

Copyright ©2005-2010 Canaiden,LLC All Rights Reserved.