



Deal Overview
Mill at the Marina is a transformative market housing investment opportunity that will revitalize a historic landmark into a mixed-use development in Stonington, Connecticut. This adaptive re-use project will convert a 126,071 sq. ft. historic thread mill in Stonington into 53 market rate apartments, fostering a vibrant community adjacent the beautiful marina waterfront.
Investment Details
Total Raise
$5.75M
Minimum Investment
$25K
Hold Period
6.5 Years
LP IRR
21.2%
Return on Equity
3.0x
Join Lee Properties in creating a landmark development that delivers strong risk-adjusted financial returns and meaningful community impact in one of the country’s hottest multifamily markets.
Investment Highlights
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Target Returns: Projected 23.4% Project IRR / 21.2% LP IRR and 3.3x Project Equity Multiple / 3.0x LP Multiple.
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Hard-To-Replicate Incentives: Utilizing ~$11M of historic tax credit equity and $2.2M in low-interest loans to minimize equity requirements and maximize returns. Property tax moratoriums also save Lee ~$1M in operating expenses over the first five years.
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Prime Location in a Revitalizing Neighborhood: Adjacent to Westerly, Rhode Island with easy transit access to entertainment, hospitals, and employment centers.
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Attractive Acquisition: Secured the 126,071 SF building significantly below replacement cost and comparable properties.
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Green & Sustainable: adaptive reuse with operations technologies that enhance livability and sustainability.
Get in Touch
54 Union Street, B1
Attleboro, MA 02703