NORWALK, CT-A group of institutional investors has sold the Merritt River apartment complex here to an investment fund advised by UBS Global Asset Management Real Estate. Although the parties involved in the deal did not divulge the sale price, knowledgeable real estate sources say the deal was worth $70 million.
Jeffrey Dunne, Patrick Bisceglia and Christopher Leonard of CB Richard Ellis' New York Tri-State Investment Team represented the owner Merritt River Apartments LLC, an entity controlled by institutional investors advised by JPMorgan Asset Management-Real Estate, in the sale of Merritt River Apartments. The team also procured the buyer, a fund advised by UBS Global Asset Management Real Estate.
The 12-story, 227-unit luxury apartment building at 399 Main Ave., was built in 2002 and features covered parking, a full amenity package and is located near the 2.2 million sf of office space that is housed in the Merritt 7 corridor in Norwalk.
CB Richard Ellis officials state the Merritt River property was approximately 90% leased at the time of sale. "UBS has acquired a superior apartment community in the dynamic and growing Norwalk market, as evidenced by recent major office space commitments," Dunne says.
He notes that recent major lease deals in the Norwalk area have included entities of General Electric leasing a total of approximately 363,500 sf; Diageo, which has 277,704 sf of space in the area; and FactSet Research, which has leased about 148,145 sf in Norwalk.
"Merritt River's rents and occupancy should grow significantly with the continued growth in the Merritt 7 corridor," Dunne adds.
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