A 90-unit apartment building in New Haven, Connecticut, has been sold to a private investment firm for $24 million. The building, known as The Novella, is located in the city's Wooster Square neighborhood.
The Novella was built in 2015 and is currently 95% leased. The sale was brokered by a real estate firm based in New York City.
The new owner plans to make upgrades to the building, including adding smart home technology and updating the common areas. They also plan to continue leasing the units to tenants. The addition of smart home technology is a popular upgrade among apartment buildings, as it can add convenience and value to the tenants' living experience. With the building already boasting a fitness center and rooftop lounge, these additional upgrades are sure to make The Novella even more desirable to potential tenants.
This sale is indicative of the strong demand for high-quality apartment buildings in urban areas, particularly those with desirable amenities. As more people choose to live in cities, the demand for apartments in urban areas continues to rise. The Novella's prime location in the Wooster Square neighborhood, coupled with its modern amenities, make it a prime example of a desirable urban apartment building.
The sale of The Novella also highlights the strength of the real estate market in New Haven. With the city experiencing continued growth and development, it's no surprise that investors are looking to capitalize on the area's potential.
Overall, The Novella's sale is a positive sign for both the New Haven real estate market and the demand for high-quality urban apartments. As the city continues to grow and attract new residents, it's likely that we'll see more sales like this in the future.
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