Home Fairfield $53M buys Danbury apartment complex

$53M buys Danbury apartment complex

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West Hartford-based The Simon Konover Co. and its partner Outlook Development Group of Franklin, Wis., have structured the acquisition of a 268 unit multifamily apartment community in Danbury.

A partnership including Simon Konover, OutlookDevelopment and a subsidiary of The Goldman Sachs Group Inc. acquired the 11-building community Feb. 10 for $53.3 million dollars.

“This acquisition represents the seventh transaction that TSKC and Outlook have partnered together and the first joint investment in Connecticut,” said James Wakim, president and chief operating officer of The Simon Konover Co.

The multifamily community was acquired from Avalon Bay Communities and will be rebranded as Ashwood Valley Apartments.

Built in 1998, the garden-style apartment community consists of detached three-story buildings on 17.5 acres. Amenities include a clubhouse, heated outdoor swimming pool, fitness center, indoor basketball court, private parking garages, landscaped playground and barbecue and picnic areas. The community will be managed by Konover Residential Corp.

“The multifamily market has long been a fundamental focus of our development and investment efforts,” Wakim said. “We are very pleased with this acquisition given the quality of the community and its vibrant Fairfield County location.”

Started more than 50 years ago, The Simon Konover Co. operates in the Midwest and East. It and its related-entities own and manage more than10,000 apartment units, 3.5 million square feet of office and industrial space, 2.8 million square feet of retail space and a portfolio of limited- service hotels.

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