DANBURY, CT-AvalonBay Communities has sold its Avalon Valley garden apartment complex in a deal arranged by Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors. The buyer is Ergs Konover/Outlook Holdings LLC, a Connecticut investment group; the $53.3-million sales price equates to $199,000 per unit, on the high end for garden-style multifamily complexes in Fairfield County, according to industry data.
IPA executive directors Steve Witten and Victor Nolletti, along with IPA senior associate Adam Mancinone and IPA associate Blake Barbarisi, advised AvalonBay. “Avalon Valley is a high-quality community with a central location that serves the needs of both lifestyle renters and transit-oriented residents who work in Fairfield and Westchester counties, Stamford and New York City,” Witten says.
”A comprehensive review of comparable properties strongly suggests that the new owner can enhance value by implementing a moderate upgrade program that will increase value and keep overall per-square-foot and per-unit pricing well below that of newer properties,” adds Nolletti.
The 268-unit apartment community is located at 53 Sand Pit Rd. in Danbury, near Connecticut Route 7 and Interstate 84. It’s also two miles from the Danbury Metro-North Railroad station and 15 minutes from the train station across the state line in Brewster, NY.
Built in 1998 on 17.5 acres, Avalon Valley consists of 11 detached three-story buildings, one of which is a clubhouse. The unit mix features 106 one-bedroom/one-bath apartments, 134 two-bedroom/two-bath units and 28 three-bedroom/two-bath apartments.
Residents can choose from nine floor plans ranging from 769 square feet to 1,494 square feet. Rents range up to $2,125 per month for a three-bedroom unit. AvalonBay has also developed Avalon Danbury, which opened in 2004, in this Fairifield County city.