$32.25 Million Fairfield County Multifamily Asset Sold by IPA
DANBURY, Conn., Feb. 6, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce 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.
“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,” says Victor Nolletti, an executive director who heads the Northeast for the IPA 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,” adds Steve Witten, also an executive director of IPA in the Northeast and Florida. “The city attracts lifestyle renters, renters-by-choice and young professionals and provides them with urban and suburban lifestyles at significantly less cost than comparable rental housing options in the Stamford-Norwalk metro and Westchester County.”
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 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.
Hillcroft at Danbury’s community amenities include the clubhouse and fitness center completed in 2014, a community room, pool and playground. Floor plans feature dining areas and private balconies or patios. Select units have open living/dining and kitchen floorplans.