WILTON – Fairfield-based CT Realty Trust has purchased the 100-unit White Oaks at Wilton for $41.5 million in a tenant-in-common-interest transaction that closed Nov. 25, according to a deed filed with the town on Tuesday.
The acquisition was arranged by CBRE, who represented the seller REIF III-116 Danbury Road LLC and its investment advisor LaSalle Investment Management and procured the purchaser. Connecticut Realty Trust is multifamily owner, operator and developer with more than 1,200 units under management.
CT Realty Trust, which is a vertically integrated real estate investment firm founded in 2009 by the father-son duo, Bard and Robert Kligerman, has made 31 investments and $273 million in transactions and $55 million in distributions to date. Its portfolio includes Seabreeze Apartments, Colonial Gardens and properties in the East End and North End of Bridgeport. Most of its properties are located in Greater Hartford.
As for the White Oaks transaction, REIF III-116 Danbury Road LLC traded its 21.5% interest in the apartment complex to Connecticut Realty Trust. It had owned the property along with Coney Island Ave. LLC and TCW White Oak LLC. A tenant in common (TIC) interest sale means one co-owner sells their share of a property, often without needing other owners’ consent. TIC allows multiple parties to hold ownership interests in a property, offering flexibility in ownership percentages.
“White Oaks at Wilton represents exactly the type of high-quality community we aim to grow our platform around,” said Bard Kligerman, CEO of CT Realty Trust. “As we continue to scale both our acquisitions and our ground-up development pipeline, we’re focused on delivering best-in-class housing to communities across Connecticut and the Northeast.”
CBRE was led on the sale by Jeffrey Dunne, Eric Apfel, Stuart MacKenzie, and Travis Langer.
White Oaks includes an extensive amenity package, including a heated swimming pool, fitness center, and outdoor recreational spaces.
Constructed in 2011, the 129,588-square-foot White Oaks at Wilton apartment building comprises 100 units of the following unit mix:
- One Bedroom/Townhouse/Loft/One Bath
- Three Bedroom/Townhouse/Loft/Two Bath
- Three Bedroom/Townhouse/Two and One Half Bath
- Two Bedroom/Townhouse/Loft/Two Bath
- Two Bedroom/Townhouse/Two and One Half Bath, Two Bedroom/Townhouse/Two Bath
- Two Bedroom/Two Bath.
“We are pleased to have represented LaSalle Investment Management in this transaction,” Dunne said. “White Oaks at Wilton exemplifies an institutionally maintained multifamily community, and its excellent location combined with the buyer’s planned improvements will ensure its continued success.”
Apfel, first vice president at CBRE, spoke to the investment element of the deal.
“White Oaks at Wilton is a standout investment in a thriving community. The combination of its strategic location, attractive assumable debt, and the potential for value-add renovations makes it a compelling opportunity for investors looking to capitalize on the growing demand for high-quality multifamily housing in this affluent market.”
