Westville Arms

  • Title

    Multifamily Property

  • City

    New Haven, CT

  • Price

    $2,670,000

  • Cap Rate

    5.5%

  • Gross Leasable Area

    21,267 SF

  • No. Units

    22

  • Price/SF

    $125.55

  • Price/Unit

    $121,364

  • No. Stories

    2

  • Year Built

    1965

Not found amenities.

Westville Arms apartments is a 22 unit apartment building in New Haven. The building boasts oversize one and two bedroom floorplans with a large parking lot and laundry facility.Shared staffing and management with Spring Glen apartments creates economies of scale. The large lower level could be used for possible additional units or amenities.

New Haven is the second largest city in Connecticut and is a part of the NY Metropolitan area. The city has a population of about 131,000 residents and of that around 70% are renters. The city is heavily influenced by its connection to Yale University. Yale is the city’s largest employer (and taxpayer) followed by Yale – New Haven Hospital. The economy is therefore oriented towards world class institutions of education and healthcare, two industries considered to be less susceptible to cyclical economic downturns and poised for growth in a service oriented economy.

Beyond Yale, the city is home to the headquarters of Assa Abloy, Alexion Pharmaceuticals, Covidien, and United Illuminated and Southern Connecticut State University among others. Employers benefit from proximity to both NYC and Boston and a highly educated workforce. In 2017, Verizon released a study that ranked New Haven as one of the top 10 cities in America to launch a tech startup, and ranked it number two in New England behind only Boston.

New Haven is considered the cultural capital of Connecticut, with a number of museums and theaters. It has undergone a recent transformation with significant investments into real estate development and infrastructure and has increasingly become a destination for renters attracted to the available entertainment, walkable downtown and metropolitan character of the city.

New Haven, New Haven County, CT

Westville Arms Offering Memo