Norwalk multifamily development sold for $18M

Summerview Square, a multifamily property in Norwalk, was sold for $18 million.

The property was built between 2008 and 2014 and spans 20 buildings, encompassing 71,863 square feet with 63 condo quality townhome-style units. Summerview Square is 100% with long-term tenants at or below market-rate rents, and the development has won Connecticut Home Building Industry Awards for Best Affordably Priced Rental Community, Best Rental Unit and Best Fairfield County Smart Growth Community.

Avison Young represented the seller, Summerview Square LLC, and procured the buyer, a joint venture between the Stamford real estate firm Penny Lane and Rowin Capital, an investment fund based in New York City.