Dalzell Capital Partners LLC has acquired the 24-unit Belden Square Apartments in Norwalk for $11.9 million. Founded by former Starwood Capital executive Christian Dalzell, Westport-based DCP in partnership with Jay Rappaport and Daniel English of Arlington, Virginia”™s Legacy Investing LLC also acquired Addison Mill Apartments in Glastonbury.
Cushman & Wakefield”™s Capital Markets Group arranged the sale of Belden Square, at 747 Belden Ave. The former U.S. corporate headquarters of Virgin Atlantic, it was repositioned in 2016 as a 45,000-square-foot, two-building medical office and apartment complex.
The Cushman & Wakefield team of Al Mirin, Kate Schwartz, Matthew Torrance, and Kathleen Fazio represented sellers Greenfield Partners and Summit Development, while Charlie Haggard of Berkeley Point Capital represented Dalzell and Legacy as he secured acquisition financing from Freddie Mac.
The Norwalk and Glastonbury deals represent Dalzell Capital”™s initial foray into the creation of a branded apartment platform with Dan Weiss, CEO of furniture and interior design company Lillian August. Belden and Addison, which were both repurposed for residential use, will be rebranded as Residences by Lillian August.
Dalzell and Legacy plan to upgrade each property with various capital projects to improve the common areas and apartments. Improvements to the two buildings that make up Belden Square, Residences by Lillian August will total approximately $21,000 per unit.
Belden also houses a pediatric specialty care center on a long-term lease to Yale-New Haven Hospital Inc.
