Home Fairfield GDC Properties buys Norwalk luxury apartment complex for $105.9M

GDC Properties buys Norwalk luxury apartment complex for $105.9M

597 westport ave. norwalk apartment

GDC Properties of Westchester County has bought 597 Westport, a 235-unit luxury apartment complex in Norwalk for $105.9 million.

The property was sold through a 1031 exchange, which enables an investor to sell a property, reinvest the proceeds in another property and to defer all capital gain taxes.

CBRE Group Inc. represented the seller, an affiliate of El Paso, Texas-based Hunt Investment Management, while the buyer was represented by CBRE’s debt and structured finance team. First and mezzanine financing came from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively. 

Hawthorne-based GDC Properties was founded in 1994 by Samuel Ginsburg and specializes in the development, management and acquisition of residential and commercial income properties. The company traces its roots to the founding of Ginsburg Development Corp. by Samuel and Martin Ginsburg in 1964. 

Built in 2009 near the Norwalk-Westport border, the 23-acre property includes a clubroom with full caterer’s kitchen, media lounge and billiards room, as well as a fitness center that opens directly to an outdoor saltwater pool with a sundeck, cabanas and outdoor kitchen. The property also includes a space that doubles as a boardroom and dining room with additional attached kitchen that is used for private resident events.

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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