Please reload

Danbury, Conn. multifam complex trades for $168,000 per unit

 

Marcus & Millichap's Institutional Property Advisors  division closed the sale of Hillcroft at Danbury, a 192-apartment home multifamily community located in the hills of Danbury, Connecticut. The $32.25 million sales price equates to just under $168,000 per unit.

 

Nolletti and Witten, along with Eric Pentore, an IPA associate, and Wes Klockner of Marcus & Millichap’s New Haven office, represented the seller, Par Hillcroft LLC, and procured the buyer, Timberline Real Estate Ventures LLC.

 

“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club just minutes from the Richter Park Golf Course,” said Victor Nolletti, an executive director who heads the Northeast for IPA’s Northeast and Florida team. “Previous ownership constructed a club room, fitness center and leasing center that positions the property to further benefit from an easy-to-execute floor plan reconfiguration.”

 

“Danbury has solid historic occupancy and effective rent growth,” added Steve Witten, an executive director of IPA in the Northeast and Florida. “The city attracts lifestyle renters, renters by choice and young professionals, and provides them all with urban and suburban lifestyles at significantly less cost than comparable rental housing options in the Stamford-Norwalk metro and Westchester County.”

 

The community is located at 10 Clapboard Ridge Road in Danbury, 20-25 minutes from Stamford and 30-35 minutes from White Plains, New York. Local employers include Boehringer Ingelheim Corp., Danbury Hospital, Pitney Bowes, UTC, Duracell Inc., GE, Lowe’s and the Danbury Fair Mall.

Share on Facebook
Share on Twitter
Please reload

Institutional investors slash CRE capital budget by 19%: Report

Ashford REIT invests in 'purification' tech to create allergy-free guestrooms

REIT to build $110M facility to house immigrants rounded up by Trump

Working in style: The corporate campus designed by Frank Lloyd Wright

Hard Rock unveils plans to revamp Trump's failed Atlantic City casino

Food tenants increasingly crucial for shopping centers: Report

Retailer Finer Fields aims to merge bricks and clicks

The Gents Place 'lifestyle club' muscling into new markets

1/2
Please reload

COMMERCIAL REAL ESTATE NEWS & CULTURE

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon
More from Squarefootprint
Further reading

ABOUT USCONTACT • ADVERTISE • ARCHIVE

© 2017 SQUAREFOOTPRINT

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon