Riverview Apartments in Norwalk sells for $19.5 million

Riverview Apartments, a 92-unit residential building on 93 Richards Ave. in Norwalk, has been sold to the New Jersey private equity and real estate development firm The Silverman Group for $19.5 million.

According to Vision Government Solutions Inc., a Massachusetts-based provider of  land parcel management software and appraisal services, the property was formerly owned by EQR-Riverview Condos LLC.

California-based commercial real estate and invest firm CBRE Group Inc. announced the transaction, which was part of a 1031 exchange, which allows investors to defer capital gains taxes on the exchange of like-kind properties. Jeffrey Dunne, Gene Pride and Travis Langer of CBRE”™s Institutional Properties represented  the owner in the sale.

Riverview was built in 1991 and is a value-add opportunity as the property’s interiors have original finishes, CBRE said in a statement. That means the buyer can renovate the units into luxury apartments and increase income potential.