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NORWALK, CT-RMS Construction has taken on a joint venture partner for its Waterview East development on East Avenue here. RiverOak Investment Corp. LLC of Stamford, CT reports it has become a partner in the development that consists of 36 residential condominium units and two commercial condo units.

Construction has already begun on the project located at 142-144 East Ave. that sits on a more than 2.5-acre parcel on the shoreline of the Norwalk River. A RiverOak Investment spokesman says that the firm has invested $1.5 million in the project. RMS Construction previously partnered with RiverOak on the construction of a 170-unit townhome development on Camp Ave. in Stamford. According to information on RiverOak’s website, the firm invested $3.9 million in that venture. According to published reports, RMS Construction acquired the Waterview East property with all approvals in place late in 2007 from a joint venture of M.F. DiScala and Albert D. Phelps Inc. for a reported purchase price of approximately $5 million. RiverOak Investment states that the total land acquisition and construction costs are estimated to be approximately $15.4 million for the Waterview East project, with a projected sell-out price over 24 months of $22.5 million.

Waterview East will feature two identical four-level buildings totaling 68,900 sf. In addition to the buildings, the project will also include interior driveways, sidewalks and a courtyard, plus 72 open parking spaces, RiverOak officials say. Each ground floor level will contain four residential units, a lobby and elevator with mechanical rooms, storage space and a fitness center or community room in each building. The first floor of each building will consist of four residential units and 2,700 sf of commercial space. The second floors will contain six residential units each and the third floors will contain four residential units.

“We are pleased to be working once again with RMS Construction on this project,” says Stephen DeNardo, managing director of RiverOak Investment Corp., who along with managing director George Yerrall, manage all aspects of the fund’s business. “Located on the Norwalk River in close proximity to I-95, the Merritt Parkway and the East Norwalk train station, Waterview East is conveniently situated in this growing market.” He adds that the redevelopment taking place in Norwalk that now provides access to a host of restaurants, bars, shopping and entertainment venues will make the property attractive to commercial and residential users.

This investment is the third for RiverOak Fund IV, a $26-million value-added real estate fund that RiverOak formed and sponsored in June 2007. RiverOak Fund IV previously acquired a class A office property in Fairfield, NJ in a joint venture with Cofinance Inc. The fund also purchased Shirley Court, a three-building, 153-unit apartment building complex located at 7201 Bradford Rd. in Upper Darby, PA. RiverOak funds invest in gap equity positions of between $2 million to $5 million per transaction in deals that are typically sized in the $8-million to $50-million range in the Boston-to-Washington corridor.

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