PA Firm Acquires Avalon Multifamily in Shelton, CT
The new ownership states that while the acquisition will provide immediate cash flow, Merion’s investment strategy includes the implementation of a value-add strategy including: unit interior upgrades, clubhouse and common area refresh, LED lighting upgrades, and property amenity upgrades.
SHELTON, CT—The 250-unit Avalon Shelton apartment complex here has been sold by AvalonBay Communities of Arlington, VA to Wynnewood, PA-based Merion Realty Partners.
Built in 2013, Avalon Shelton is a Class A community offering an oversized fitness center, heated pool, resident lounge, and covered structured parking with direct access to each residential floor. The pedestrian/transit centric property is located along the banks of the Housatonic River in Downtown Shelton.
No financial details of the transaction were released. The purchase is the second investment for Merion Realty Partners in Connecticut.
The CBRE team of Jeffrey Dunne, Gene Pride and Stuart MacKenzie represented the owner, AvalonBay Communities and procured the buyer.
According to Merion Realty Partners website, the property is now being marketed as Merion Riverwalk. The new ownership states that while the acquisition will provide immediate cash flow, Merion’s investment strategy includes the implementation of a value-add strategy including: unit interior upgrades, clubhouse and common area refresh, LED lighting upgrades, and property amenity upgrades. Merion projects those renovations will achieve an estimated rent premium of $124 per month.