DANBURY – In what is described as the largest real estate sale in the city’s history, Crown Point Apartments has been sold for $151.75 million, according to the broker of the deal CBRE.
FPA Multifamily purchased the 466-unit complex, which is part of the 546-acre master-planned neighborhood called The Reserve in Danbury, from Crown Pointe SPE LLC of Lakewood, New Jersey. The property sits on either side of the Saw Mill River. CBRE, led by Jeffrey Dunne, Eric Apfel, Stuart MacKenzie, and Travis Langer, represented the seller, Prospect Capital and procured the purchaser. The sale represents the largest single-asset apartment sale of the year in Connecticut and the largest sale in Danbury’s history.
“We are pleased to have represented the seller including Prospect Capital in this landmark transaction,” said Dunne, CBRE vice chair. “Crown Point Apartments exemplifies the strength of the multifamily market in Danbury, and its excellent location combined with the buyer’s planned improvements will ensure its continued success.”
The sale marks a repeat transaction for CBRE, as the firm sold the property to the seller in 2018. The new buyer plans to enhance the existing units and common areas, ensuring the community remains a sought-after destination.
“This sale underscores the demand for high quality multifamily assets in Connecticut and demonstrates market liquidity for large transactions even in secondary markets,” Apfel, first vice president at CBRE.
The property was developed in two phases: Phase 1, completed in 2007, features 186 units, while Phase 2, completed in 2011, added an additional 280 units. Both phases include resident clubhouses equipped with fitness centers, oversized heated pools, and inviting lounges, along with a hot tub, children’s play area, and an expansive dog run. Each building offers residents elevator access to heated garages.
Located along the border of Westchester County, NY, and Ridgefield, CT, Crown Point Apartments provides easy access to major transportation routes, including I-84, Route 7, and Saw Mill Road. The property is a ±10-minute drive to the Brewster train station, which offers a 1-hour 20-minute commute to Grand Central Station in New York City.
FPA Multifamily, LLC is a real estate operating company focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 160,000 apartment units valued at over $25 billion.
