Following its acquisition, Avon Place is headed for a makeover.

AVON, CT—Gaia Real Estate has announced the purchase of 163 condominium units at the Avon Place condo development. The company plans to invest over $2 million in Avon Place to upgrade common areas, individual units and the property infrastructure.

Financing for Gaia’s acquisition was arranged by HFF, which secured a seven-year, fixed-rate $16.7 million loan through Commerce Bank & Trust Company. The HFF team was led by Michael Klein, director, while Commerce Bank & Trust was represented by John Kelley, senior vice president and managing director of commercial real estate.  Loan proceeds were used to acquire the property, according to a press release.

Built in 1973, Avon Place condos is made up of 188 units and several amenities, including a clubhouse with fitness center, swimming pool, tennis court, basketball court, billiard/game room, elevators in all three residential buildings, laundry rooms and storage rooms. The property borders the Reggio Magnet School, scheduled to open in January 2014, and a small shopping center.

Avon Place condo is in the north/west submarket of Hartford County and is home to many large companies, including Travelers, The Hartford, Mass Mutual, Pratt & Whitney and Hartford Hospital.

Avon is one of Connecticut’s most affluent towns with a favorable demographic profile, prestigious public school system and limited apartment supply, making Avon Place ideally situated to continue its strong performance, the release states.

The acquisition strengthens Gaia’s position in the multifamily unit, say managing partners Danny Fishman and Amir Yerushalmi.

“We are happy to expand our presence in Connecticut,” they declared in the announcement. “This well-kept asset in a strong submarket like Avon will be a great addition to our growing multifamily portfolio.”