Institutional Property Advisors Lists $11.5 Million Multifamily Development Site in Groton, Connecticut
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has exclusively listed a 33-acre multifamily development site in Groton, Connecticut, for $11.5 million, the firm announced June 8, 2026. The property at 1214 Gold Star Highway supports the construction of approximately 460 market-rate units and is positioned as an as-of-right opportunity in the southeastern Connecticut market.
Site Details and Listing
The development site is located within Groton's commercial regional zone and carries an implied land price of approximately $25,000 per entitled unit. The seller, L & L Groton LLC, is represented by Victor Nolletti, IPA executive managing director investments, and Wes Klockner of IPA.
"The site is an as-of-right, 100% market-rate multifamily development opportunity that supports the construction of approximately 460 units," Nolletti said. "The seller has advanced entitlements and technical due diligence that substantially mitigate execution risk, allowing the buyer to focus on final design, capitalization, and development."
Nolletti added that the property is "ideally suited for a developer seeking to deliver a landmark multifamily project in one of Connecticut's most resilient and durable growth corridors."
Defense Employment in the Local Market
The site sits approximately five miles from General Dynamics Electric Boat. In April 2026, Electric Boat announced plans to hire approximately 8,000 additional employees by the end of 2026 — the largest single-year hiring initiative in the company's history — backed by more than $15 billion in U.S. Navy submarine contracts extending through 2035.
"The expansion is supported by more than $15 billion in U.S. Navy submarine contracts that extend through 2035, reinforcing Groton's position as one of New England's most durable employment centers," Klockner said.
Location and Regional Connectivity
The United States Coast Guard Academy and the New London train station are nearby, and the Groton-New London Airport is within a short drive. Interstate 95, Interstate 395, and public waterfront access at Eastern Point Beach and Avery Point are also within proximity.
About Institutional Property Advisors
Institutional Property Advisors is a division of Marcus & Millichap (NYSE: MMI), a commercial real estate services firm in North America. IPA focuses on the acquisition, disposition, and financing of institutional properties and portfolios.