CBRE Announces the $42.5 Million Sale of Post & Main in Old Saybrook, Conn.

12 Nov 2018

Post and Main

CBRE has announced the $42.5 million sale of Post & Main, a 186-unit residential property in Old Saybrook, Conn. The CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride and Eric Apfel advised the owner, GM Saybrook Owner LLC, in the sale; David A. Mack Properties acted as Operating Member within the LLC. The buyer was Old Saybrook Owner LLC.

Built in 2017, Post & Main offers 186 apartments with artfully designed luxury finishes that include granite counter tops, stainless steel appliances, kitchen islands with pendant lighting, oversized windows, tile backsplashes and vinyl plank flooring. The property features a robust collection of amenities, including a resident clubroom, an outdoor resort-style pool, an oversized fitness center, garage parking and a dog park.

“Post & Main is an exceptional asset that is truly unique in the Connecticut Coastal market, given its walkable and transit-oriented location just steps away from both Old Saybrook’s Main Street and the Metro North station,” said Dunne of CBRE. “The property fills a unique niche for residents seeking a luxury lifestyle with interior finishes and fantastic amenities in a transit-oriented location. There is nothing comparable to this along Connecticut’s coastline.”

CBRE Metro New York Institutional Properties Group specializes in the sale of investment properties in the suburban markets surrounding New York City. They service a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales across all property types over the last five years, including nearly two billion dollars’ worth of apartment sales since 2015. 
 
CBRE Institutional Properties is currently marketing for sale The Berkeley at Waypointe and Quincy Lofts, a 198-apartment community in Norwalk, Conn.; Parkledge Apartments, a 311-apartment community in Yonkers, NY; Grand Reserve Orange, 168-apartment community in Orange, Conn.;  Liberty Place, a 150-apartment development site in Union, NJ; Stamford Corners, a 195-apartment community in Stamford, Conn.; StarPoint Crossing, a 15.5-acre mixed-use development site approved for one million square feet that includes 730 apartments, a 135-key hotel, a 217,000-square-foot medical/office building and 90,000 square feet of retail space in Port Chester, N.Y.; and The Collection, a 276-apartment community with 24,500 square feet of retail space in White Plains, N.Y.
 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.