STAMFORD, CT- Real estate advisory firm Rreef of New York City has picked up the 195-unit Avalon Corners rental apartment property at 1455 Washington Blvd. here on behalf of an unnamed institutional client. AvalonBay Communities Inc. sold the five-story, 192,174-sf development.
CB Richard Ellis would not provide any information on a sales price, which local sources place at approximately $60 million. Jeffrey Dunne and Patrick Bisceglia of CBRE's New York Tri-State Investment Team, along with William Roohan of CBRE's Baltimore office, represented AvalonBay, which is headquartered in Washington, DC, and procured the buyer. With the sale, AvalonBay now owns five rental apartment communities in Stamford: Avalon Glen, Avalon at Greyrock Place, Avalon Grove, Avalon at Stamford Harbor and Avalon Bedford.
Dunne says that the property, built by AvalonBay in 1999, attracted "spirited bidding" among about 25 prospective buyers. The building features 118 one-bedroom units and 77 two-bedroom units. "Given the strong in-place income and anticipated near-term rent growth, driven by very low market vacancies and the reduced supply of apartments due to many conversions to condominiums, Avalon Corners presents and ideal investment for Rreef's client." He adds that the new ownership plans to keep the property as a rental building.
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