Marcus & Millichap Real Estate Investment Brokerage Co. was the sole broker in the transaction for the 227-unit complex located on Main Ave. at the intersection of the Merritt Parkway (exit 40B) and Route 7. The property was sold to Merritt River Apartments LLC, an unnamed institutional investor. Victor Nolletti and Steven Witten of Marcus & Millichap of New Haven were the sole brokers in the deal.

Merritt River Apartments was built in 2002 and is currently 85% leased. Officials with Building and Land Technology and Marcus & Millichap contend the deal sets the record sales value per unit in the state of Connecticut at $264,000 per unit.

The Merritt River Apartments building is the housing component of Building and Land Technology's 1.45 million-sf commercial office/residential Merritt River Campus. The campus features Merritt on the River, a 240,000-sf building that has been completely refurbished. The building was the headquarters for the now defunct Caldor retail chain. Also at the site is the Hewitt Building, a fully-leased 250,000-sf property the company purchased from Hewitt Associates. The company also plans to build the Towers at Merritt River which will total approximately 650,000-sf. Construction has started on one building, reported to be the future home of spirits manufacturer Diageo. However, no final deal has been signed with the firm as yet and an official with Building and Land Technology refused comment on reports that Diageo would take space at the Merritt River Campus.

Building and Land Technology president and CEO Carl R. Kuehner, III said the sale of Merritt River Apartments "clearly demonstrates the value that has been created by the Merritt River campus development as well as the overall attractiveness of Greater Norwalk to the investment community.

Marcus & Millichap's Nollietti says the property was not on the market for sale too long. "It took about 60 days to go through the various offers and pick out the winning bidder," he notes.