IPA Sells Avalon Valley Apartments in Danbury, CT for $53.3 Million

Avalon Valley Apartments, 53 Sand Pit Road, Danbury, CT

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.

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.

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.

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