High Price for New Apartments in New Haven

Investors paid $39.6 million for the 136 new apartments at The Novella in New Haven, CT. That works out to roughly $300,000 per unit.

“The Novella is one of the very few luxury assets located in the core Yale district, and is highly walkable to the Old Yale campus, Yale Hospital, the central business district and the core commercial district,” says Victor Nolletti, senior managing director leading the Northeast for Institutional Property Advisors (IPA)  IPA is a division of Marcus & Millichap, which represented the seller, a limited liability corporation controlled by RMS Companies. IPA also procured the buyer, 1245 Chapel Street LLC. “It is a unique legacy asset that will outperform the market,” Nolletti added.

RMS developed the five-story building, which opened in 2015 at 1245 Chapel St. The first floor includes a 1,135-square-foot lease to Chapel Street Pharmacy, another 3,380 square feet of retail space for lease and 85 gated, on-site parking spaces.

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