Avalon Shelton sold to Pennsylvania real estate investment company

Avalon Shelton, a 250-unit luxury apartment complex in Shelton, has been sold by AvalonBay Communities to Merion Realty Partners for an undisclosed sum.

Built in 2013, the property at 185 Canal St. East is based along the Housatonic River in downtown Shelton and includes a fitness center, heated pool, resident lounge and covered structure parking.

CBRE represented the owner and procured the buyer, a Wynnewood, Pennsylvania-based real estate investment and management company focused on suburban markets in the Southeast, Mid-Atlantic and Northeast regions.

“This is a very unique asset,” CBRE Vice Chairman Jeffrey Dunne said. “It”™s location adjacent to walking paths along the Housatonic River offers residents with scenic views in a tranquil environment. At the same time, access to Route 8 is within only a couple minutes of the property, providing convenient access to the employment centers of New Haven, Stamford and Norwalk. Merion Realty Partners should do well with the asset as they expand their footprint in Connecticut and build on the solid operations from Avalon.”

The sale marks the second time in two years that AvalonBay Communities sold a Shelton property. In January 2018, the company sold Avalon Huntington, a 99-unit apartment complex to Inland Real Estate Acquisitions Inc. for $33 million.