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DANBURY, CT-BlackRock, Inc. of New York City has sold the Hillcroft Apartments complex here and an adjoining parcel of land in two separate transactions for a total of a little more than $30 million.

CB Richard Ellis reports that BlackRock sold the 192-unit Hillcroft Apartments garden apartment complex on Clapboard Road to Fairfield Residential LLC, a Grand Prairie, TX-based company, in a deal valued at $29.05 million or $151,303 per unit.

In a separate transaction, BlackRock sold an adjacent 1.86-acre parcel of entitled land to locally based RJR Builders, LLC for $1 million. The parcel has site plan approval from the City of Danbury for the development of 20 residential units.

Jeffrey Dunne and Christopher Leonard of CB Richard Ellis’ New York Tri-State Investment Team represented BlackRock, Inc. in both transactions and procured the buyer in both instances as well.

A more than $2-million redevelopment program was undertaken at the Hillcroft Apartments property prior to sale. The initiative included, new exteriors, renovated amenities, new landscaping and interior renovations on many individual units.

Commenting on the Hillcroft sale, Dunne says, “The new owners of Hillcroft Apartments should reap the long-term benefit of the property’s extensive renovation and prime location, while also enjoying the future upside provided by completing interior unit renovations.”

He adds the renovation program, the property’s convenient location a quarter-mile from exit 5 of I-84, amenities and proximity to the region’s major retail, entertainment and employment centers has enabled Hillcroft to improve its occupancy levels and achieve higher rental rates than competing properties in the northern Fairfield County rental market.

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