$33 Million Fairfield County Multifamily Complex Sold by IPA
January 08, 2018
SHELTON, Conn., Jan. 8, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Avalon Huntington, a 99-unit apartment complex in Shelton, Connecticut. The property sold for $33 million, which equates to $333,333 per unit.
“With 86 townhouse-style homes, 67 units with direct-entry garages and an overall average unit size of 1,413 square feet, Avalon Huntington is a unique asset in the Fairfield County submarket,” says Victor Nolletti, senior managing director leading IPA’s Northeast team. “While this property is one of the submarket’s signature assets, minor enhancements to kitchen counters, flooring and lighting support a value-add strategy that will enhance investment returns for new ownership.”
Nolletti and Eric Pentore, first vice president investments, represented the seller, AvalonBay Communities Inc., and procured the buyer, Inland Real Estate Acquisitions Inc.
Built in 2008, Avalon Huntington is located immediately off Connecticut Route 8 at 100 Avalon Drive in Shelton, the property benefits from ease of access to the Merritt Parkway, Interstate 95, and the Stratford Metro-North train station. New Haven and Norwalk are both approximately 15 miles away and the community is 25 miles from Stamford. Nearby employers include Sikorsky Aircraft, United Healthcare, Edgewell Personal Care, Affinion Group, General Electric, People’s United Financial, Prudential and Bridgeport Hospital.