Danbury multifamily development sells for $27.75M

Institutional Property Advisors, which specializes in serving institutional and major private real estate investors, recently announced the sale of TGM Willow Grove at Danbury, a 135-unit, garden-style apartment complex off Briar Ridge Road in Danbury.

The $27,750,000 sale price equates to $205,550 per unit, IPA reported.

TGM Willow Grove at Danbury.

IPA, with a New Haven office, is a division of California-based Marcus & Millichap Inc.

IPA executive directors Steve Witten and Victor Nolletti and IPA senior associates Adam Mancinone and Blake Barbarisi represented the seller, New York City-based TGM Associates LP.

The buyer is New York City-based Beachwold Residential.

“TGM Willow Grove at Danbury provides residents with the largest apartment homes in the Danbury area and great value, particularly in comparison with Stamford and other Fairfield County and New York MSA (metropolitan statistical area) locations,” Nolletti said in a press release.

“This well-constructed multifamily investment asset gives the new owner an opportunity to add value through the implementation of a modest renovation/upgrade program,” Witten said.

The property address is 101 Avalon Lake Road.

Completed in 1999, TGM Willow Grove at Danbury consists of six three-story buildings on 31 acres. The unit mix is 60 one-bedroom/one-bath apartments and 75 two-bedroom/two-bath units. Floor plans range in size from 885 square feet to 1,552 square feet, and the average size is 1,231 square feet.

Community amenities include a clubhouse with resident lounge, a fitness center, a heated outdoor swimming pool with a wrap-around sundeck, landscaped picnic and barbecue areas and walking paths around Lake Kenosia.