Avalon Shelton, now known as Merion Riverwalk, features 250 units and is located along the Housatonic River in Shelton, CT. Avalon Shelton, now known as MerionRiverwalk, features 250 units and is located along the HousatonicRiver in Shelton, CT.

|

SHELTON, CT—The 250-unit Avalon Shelton apartment complex herehas been sold by AvalonBay Communities of Arlington, VA toWynnewood, PA-based Merion Realty Partners.

|

Built in 2013, Avalon Shelton is a Class A community offering anoversized fitness center, heated pool, resident lounge, and coveredstructured parking with direct access to each residential floor.The pedestrian/transit centric property is located along the banksof the Housatonic River in Downtown Shelton.

|

No financial details of the transaction were released. Thepurchase is the second investment for Merion Realty Partners inConnecticut.

|

The CBRE team of Jeffrey Dunne, Gene Pride and Stuart MacKenzierepresented the owner, AvalonBay Communities and procured thebuyer.

|

According to Merion Realty Partners website, the property is nowbeing marketed as Merion Riverwalk. The new ownership states thatwhile the acquisition will provide immediate cash flow, Merion'sinvestment strategy includes the implementation of a value-addstrategy including: unit interior upgrades, clubhouse and commonarea refresh, LED lighting upgrades, and property amenity upgrades.Merion projects those renovations will achieve an estimated rentpremium of $124 per month.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.