Danbury”™s Crown Point Apartments, a 466-unit development, was sold for $108.5 million. CBRE represented the owner, an affiliate of Norfolk, Virginia-based Harbor Group International LLC, in the sale and also procured the buyer, who was not publicly identified.
Located at 50 Saw Mill Road, the property was built in two phases in 2007 and 2011. Amenities include two clubhouses, each with a fitness center and a swimming pool. CBRE stated that the property offered a “value-add opportunity” for the new owner because all of the apartments have original finishes that can be upgraded to generate additional rent premiums.
“The Danbury market has had a history of strong occupancy, even with the 800-plus new apartments that were delivered over the past three years,” said Jeffrey Dunne, vice chairman of CBRE. “The buyer can build on this solid base of high occupancy and attentive management by modernizing apartment interiors and generating additional revenue, as renters in Fairfield County typically pay a premium for updated interiors.”
