BROOKFIELD, CT—Towne Brooke Commons, a 102-unit class A multifamily community here has been acquired by the Silverman Group for over $17.5 million, GlobeSt.com has learned EXCLUSIVELY.
Jeffrey Dunne, Gene Pride and Ivelin Spasov of CBRE's institutional properties group represented seller Harbor Group International.
Built in 2009, Towne Brooke Commons is located adjacent to Danbury, the social and economic hub of northern Fairfield County. The property offers extensive amenities typically found in much larger assets such as community club room, fitness center, outdoor pool, business center and heated parking.
“Towne Brooke Commons is a gem of an asset,” says Dunne. “The property is overdone with community features for residents while unit interiors offer high ceilings, open floorplans, spacious kitchens, walk-in closets and full size washer/dryers. The location is described as quiet and bucolic with 15 acres of open space abutting the property though it is proximate to key lifestyle amenities such as shopping and entertainment along Federal Road and access to regional employment centers in Danbury, Stamford and Westchester County, NY via Route 7 and I-84.
This is a key acquisition for the Silverman Group as it continues to expand its multifamily portfolio in Connecticut, adding to the recent acquisition of Ardenwood Apartments in North Haven in late 2014. Silverman should do well with both assets as market research suggests rent growth in suburban locations like Brookfield and North Haven will outpace urban rents over the next five years, though both segments are projected to be healthy.”
CBRE institutional properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years including $783 million of apartment sales in 2014.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
