Hillcroft Village, the 192-unit apartment complex at 10 Clapboard Ridge Road in Danbury, has been sold, according to Marcus & Millichap division Institutional Property Advisors.
The price of the transaction was not made available. Timberline Real Estate Ventures LLC purchased it in 2017 for $32.25 million.
IPA Executive Managing Director Victor Nolletti, and the company’s Eric Pentore and Wes Klockner, represented a venture partner of Timberline in the new transaction. IPA also procured the buyer, California-based FPA Multifamily.
The property is located off Interstate 84, five miles from the Westchester County border. Employers in the immediate area include Boehringer Ingelheim, Pepsi, IBM, Danbury Hospital, Pitney Bowes, UTC Aerospace Systems and the Danbury Fair Mall.
Built in 1971 on 10.5 acres, the property has eight three-story buildings and 294 parking spaces. Community amenities include a swimming pool, sundeck, playground and a recently constructed leasing center with a club room, fitness center and resident lounge. Apartments have washers, dryers, and private balconies or patios. The average unit size is 988 square feet.