Norwalk multifamily property Reserve41 sold for $48M

Reserve41, a 19-acre, 164-unit multifamily community on Wolfpit Avenue in Norwalk, was sold for $48.65 million.

Built in 1959, Reserve41 is a two-story, garden-style residential community featuring an outdoor pool, playground and park-like landscaped grounds. The property was a former co-op converted to multifamily rental apartments.

The seller, Norpointe LLC, acquired the property in 2016 and began a two-year comprehensive upgrade program in 2018. CBRE represented the seller and procured the buyer, Yellowstone Property Group, a privately held real estate investment group based in Ramsey, New Jersey, that is planning a multi-million-dollar renovation project to deliver updated amenities while modernizing the look and feel of the property.