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                 Market News

Milford Multi- Family Portfolio Sell for $84 Millon

Milford, CT - An Arizona private equity firm purchased a multi-family portfolio in Milford from Spinnaker for a total price of approximately $84 million at a reported cap rate of 5.95%.

Wolff Company, LLC purchased Spinnaker Crest, Spinnaker Green, Spinnaker Brook, Spinnaker Hunt, Spinnaker Station and Spinnaker Chase for $40.6 million.  The six multi-family developments consist of 223 apartments and approximately 9,000 square feet of commercial space in total. 

Spinnaker Walk, Spinnaker Wharf and Spinnaker Square were purchased collectively for $31.9 million.  These properties contain 107 apartments and 39,000 square feet of retail and commercial space overlooking Milford Harbor. 

The properties were a mix of older units along with new developments.  The developments include gourmet kitchens, walk-in closets and washers and dryers in the units.  Most of the properties have a state-of-the-art fitness center on the premises. All of the properties are within walking distance of Metro North Railroad, shopping and restaurants in downtown Milford.

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