NORWALK – The newly constructed 55-unit, multi-family Stonefield apartment complex located at 587 Connecticut Ave. was recently sold to a group of local investors for $17.9 million, or $325,455 per door, according to global commercial real estate advisor on the deal Avison Young.
The “by the door” valuation is determined by multiplying the number of units by a specific dollar amount, often based on net operating income and local market comps.
The buyer was a group of local investors completing a 1031 exchange – when real estate investors defer capital gains taxes on investment property sales by reinvesting proceeds into “like-kind” properties – while the seller was a local development group, EDG Properties, that built the property and has owned and operated it since its completion in 2016.
Will Suarez, principal of investment sales at Avison Young, represented the seller and procured the buyer. The firm was retained on an exclusive basis to market the four-story asset.
“We worked closely with the ownership group throughout the process, particularly as market conditions fluctuated,” Suarez said. “Ultimately, we identified a buyer who understood the long‑term value of the asset and was well positioned to execute despite pockets of uncertainty.”
The property, known as Unit B in city property records, was purchased on April 10 by Norwalk Viper LLC 95% from 587 CT Ave LLC. It was appraised by the city for $12,466,060 in 2025.
The Stonefield is a multifamily property located along Norwalk’s Connecticut Avenue corridor, with access to downtown amenities, regional employment centers, and transit options.
The transaction reflects strengthening investor activity in the Fairfield County multifamily market. First quarter 2026 multifamily sales transaction volume indicates that the sector is on track to surpass record 2023 activity, evidence that demand for both middle‑market and institutional‑scale multifamily assets has returned to Connecticut after a two-year lull, according to Avison Young.
