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| Avalon Valley Apartments, 53 Sand Pit Road, Danbury, CT |
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| Steve Witten |
DANBURY, CT, Feb. 12, 2014 – Institutional Property Advisors
(IPA), a multifamily brokerage division of Marcus & Millichap serving the
needs of institutional and major private investors, has arranged the sale of Avalon
Valley, a 268-unit garden-style apartment community in Danbury, Conn. The
$53,325,000 sales price equates to $199,000 per unit.
IPA
executive directors Steve Witten and Victor Nolletti, along with
IPA senior associate Adam Mancinone and IPA associate Blake Barbarisi,
advised the seller, AvalonBay Communities Inc. The buyer is Ergs
Konover/Outlook Holdings LLC.
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| Victor Nolletti |
“Avalon
Valley is a high-quality community with a central location that serves the
needs of both lifestyle renters and transit-oriented residents who work in
Fairfield and Westchester counties, Stamford and New York City,” says Witten.
“A
comprehensive review of comparable properties strongly suggests that the new
owner can enhance value by implementing a moderate upgrade program that will
increase value and keep overall per-square-foot and per-unit pricing well below
that of newer properties,” adds Nolletti.
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| Adam Mancinone |
The
apartment community is located at 53 Sand Pit Road in Danbury, Conn., near Connecticut
Route 7 and Interstate 84. The location is near multiple transportation routes,
close to Danbury Hospital, two miles from the Danbury Metro-North Railroad
station and 15 minutes from the train station in Brewster, N.Y.
Built in
1998 on 17.5 acres, Avalon Valley consists of 11 detached three-story
buildings, one of which is a clubhouse. The unit mix features 106
one-bedroom/one-bath apartments, 134 two-bedroom/two-bath units and 28
three-bedroom/two-bath apartments.
Residents can choose from nine floor plans ranging from 769
square feet to 1,494 square feet.
Averaging 1,119 square feet, the apartments
are equipped with in-kitchen breakfast bar, spacious walk-in closets,
energy-efficient windows, individual alarm systems with available monitoring,
in-home full-size washer/dryer units and a private patio or balcony area.
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| Blake Barbarisi |
Select apartments also include bay windows with scenic
views, vaulted ceilings and gas-burning fireplaces.
Avalon
Valley’s community amenities include a fully equipped clubhouse with resident
lounge, business center with full kitchen, an indoor basketball court, a
state-of-the-art fitness center with Cardio Theater, heated resort-style
outdoor swimming pool, landscaped picnic and barbecue areas and a children’s playground.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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