STAMFORD, CT-CB Richard Ellis says that a private local investor has sold the Clocktower Close Apartments in Norwalk and the Beacon Mill Village Apartments development in Beacon Falls, CT to Seaboard Properties Inc. for $38 million. The deal increases the locally based Seaboard Properties residential portfolio in Connecticut. The purchase price includes the assumption of an unspecified amount of conduit financing at the Beacon Mill Village property.

Vice chairman Jeffrey R. Dunne and vice president James R. Tully of the CB Richard Ellis New York Tri-State Investment Team, represented the seller and procured the buyer.

Both properties were originally mill buildings that were converted into residential use in the mid 1980s. The Clocktower Close community features 129 condominium units, covered parking, a fitness center, community room and a landscaped courtyard. Beacon Mill Village contains 184 units and was the former home to the Home Woolen Co. and is listed in the National Register of Historic Places. The development features a pool, fitness center, tennis court and business center.

Commenting on the deal Dunne says, “There are not many opportunities to acquire a critical mass of more than 300 units in this part of Connecticut and the interest we received was indicative of the attractiveness of this offering. These properties drew interest from institutional and private capital looking at the deal from both the condominium converter and apartment operator perspective. The deal made sense for Seaboard since they are trying to build their apartment presence in the area.”

Seaboard Properties also owns the Biltmore, a 16-story apartment complex in Downtown Stamford and also owns a host of office buildings in Stamford, including One Dock St., 420 West Ave., 1, 2 and 3 Stamford Landing as well as 316 Courtland Ave., an industrial property.

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