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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.

  • 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.

  • Prime Location in a Revitalizing Neighborhood: Adjacent to Westerly, Rhode Island with easy transit access to entertainment, hospitals, and employment centers.

  • Attractive Acquisition: Secured the 126,071 SF building significantly below replacement cost and comparable properties.

  • Green & Sustainable: adaptive reuse with operations technologies that enhance livability and sustainability. 

Get in Touch

54 Union Street, B1

Attleboro, MA 02703

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© 2025 LEE PROPERTY DEVELOPERS

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