The Point Rock Apartments at 34 Oakwood Ave. in Norwalk has been sold in a $17 million transaction.
The 54-unit, three-story, multifamily property was built in 2015 on a 2-acre parcel. Northeast Private Client Group represented the seller, who was identified as a “private Connecticut-based developer,” and procured the buyer, who was identified as a “New York-based investor,” in a deal that was promoted as being “$314,815 per unit and a cap rate of 5.56%.”
“Norwalk has strong demographics and employment together with a thriving cultural and entertainment scene,” said Brad Balletto, vice president of investments at Northeast Private Client Group. “Those qualities, along with its proximity to Metro-North rail service and to job centers in Westchester County and New York City, makes it well-positioned for future rent growth and an ideal acquisition for a New York-based investor’s first Connecticut acquisition.”