CBRE ANNOUNCES THE SALE OF MERRITT RIVER APARTMENTS IN NORWALK CT

14 Jan 2020

Merritt-River

CBRE has announced the sale of Merritt River Apartments, a 227-unit apartment community located at 399 Main Avenue in Norwalk, Conn., just off the Merritt Parkway (RT-15). The CBRE team of Jeffrey Dunne, Gene Pride, and Eric Apfel represented an Institutional owner, while also procuring the buyer, a private New Jersey investment firm.

 

Built in 2002, the 8-story property features a clubhouse, fitness center, outdoor pool, fire pits, business center and covered parking garage. The new owner will be able to reinstitute a renovation program that the previous owner tested in 2012 by renovating kitchen countertops, cabinets, lighting and flooring. 166 units have original finishes that could generate a premium upon renovation.

 

“We are very pleased to have handled the sale of Merritt River,” said CBRE’s Dunne. “The past series of institutional owners have maintained the property to a high standard. As a result, the buyer should do very well with the property as they can grow revenue by renovating apartments.” “There was strong interest in this offering from both local and national investment firms creating a highly competitive sales process,” adds Pride. “There is abundant capital actively pursuing high quality value add offerings throughout the I-95 corridor between New Haven and Stamford.”

 

CBRE Institutional Properties is currently marketing for sale The Monroe, a 148-unit 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-unit community in Newark, N.J.; La Bonne Vie, a 915-unit apartment community in Patchogue, N.Y.; The Royce, a 340-unit apartment community in Trumbull, Conn.; Avalon Shelton, a 250-unit apartment community in Shelton, Conn.; The Waypointe, a 464-unit mixed use community in Norwalk, Conn. and a 414-unit development site in Middletown, Conn.
About CBRE Group, Inc.
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.