CBRE Announces the Sale of Avalon Shelton Connecticut
09 Jan 2020
CBRE has announced the sale of Avalon Shelton, a 250-home mid-rise luxury apartment community located in Shelton, Conn. The CBRE team of Jeffrey Dunne, Gene Pride, and Stuart MacKenzie represented the owner, AvalonBay Communities, while also procuring the buyer, Merion Realty Partners.
Built in 2013, Avalon Shelton is highly amenitized Class A community offering an oversized fitness center, heated pool, resident lounge, and covered structured parking with direct access to each residential floor. The pedestrian/transit centric Property is located along the banks of the scenic Housatonic River in downtown Shelton with easy access to numerous restaurants. The community has original finishes in every home providing a value-add opportunity by renovating the interiors.
“We are pleased to have represented Avalon in the sale of Avalon Shelton. This is a very unique asset,” said CBRE’s Jeff Dunne. “It’s location adjacent to walking paths along the Housatonic River offers residents with scenic views in a tranquil environment. At the same time, access to Route 8 is within only a couple minutes of the Property, providing convenient access to the employment centers of New Haven, Stamford and Norwalk. Merion Realty Partners should do well with the asset as they expand their footprint in Connecticut and build on the solid operations from Avalon.”
CBRE Institutional Properties is currently marketing for sale The Monroe, a 148-home community in Morristown, N.J.; 181 New Street, a development site approved for 1,000 apartments in New Brunswick, N.J.; 24 Jones, a 152-home community in Newark, N.J.; The Royce, a 340-home apartment community in Trumbull, Conn.; The Waypointe, a 464-home mixed use community in Norwalk, Conn.; and Newfield Development Site, a 414-home development site in Middletown, Conn.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.