DANBURY –An affiliate of the affordable housing corporation Heritage Housing Inc. purchased large apartment properties in Danbury and Norwalk, according to the broker CBRE Inc. The total value of the sales is $39.78 million.
The deals were led by Simon Butler, Biria St. John, Jeff Dunne, Eric Apfel, Tim Flint, and Taylor Froland of CBRE. That included Kimberly Place in Danbury and One Leonard in downtown Norwalk.
CBRE exclusively represented the seller, an affiliate of First Atlantic LLC, and procured the buyer, an affiliate of Heritage Housing, Inc.
The 169-unit portfolio included in the sales comprises two properties within Fairfield County: the 116-unit Kimberly Place in Danbury and the 53-unit One Leonard in Norwalk. Both properties have been well-maintained, with elevator service and steel-frame construction.
Both properties are set aside for senior residents ages 62+ and benefit from federal Section 8 HAP contracts covering all but two units.Kimberly Place is a 10-story brick building with a resident lounge, fitness center, library, outdoor terrace, and more that consists of 116 one-bedroom apartments measuring approximately 576 square feet each. One Leonard is a five-story steel and concrete building with a community room and on-site laundry facilities consisting of 53 one-bedroom apartments measuring approximately 500 square feet.
“We are pleased to have represented the seller of this portfolio and procured the buyer,” said St. John. “First Atlantic has been a great steward of these assets over the years, ensuring that they continue to meet the needs of Danbury and Norwalk’s elderly residents.
“We are also pleased to have found Heritage Housing, Inc., who plans to invest significant capital to upgrade the living experience for the residents and preserve the affordability for years to come.”
CBRE’s Dunne mentioned these sales as part of a recent purchasing strategy by his company.
“We are delighted to have represented First Atlantic LLC,” Dunne said. “Our team remains very active in the sale of quality apartments in Southern Connecticut. The $39.8 million sale follows on the heels of the $97.5 million sale of The Mill in Greenwich, earlier in September, and the pending sale of Crown Point Apartments (466 units) in Danbury that closes mid-October.”
