Fairfield Condo Development Sells For $2.7 Million

FAIRFIELD, CT — A Fairfield residential property consisting of six condos recently sold for nearly $2.7 million, according to an area real estate firm.

The units at 241 Castle Ave. and 251 Castle Ave. were bought by Green Olive Properties Management LLC from the seller, Waterbury-based Castle Place LLC, for $2.675 million, according to a news release from Colonial Properties Inc. of Orange, which was involved with the sale.

The Fairfield condos were built in 2007, and have had the same owner since the year they were constructed, town real estate records said. New owner Green Olive Properties owns and manages apartments throughout the New Haven area, according to its website.

The Castle Avenue sale was one of four transactions totaling over $8 million recently completed by Colonial, which announced the sales Friday in the news release. The other three transactions pertained to property in Milford, East Haven and Woodbridge.

“We continue to see very vibrant activity in the commercial real estate market,” Colonial President Michael Richetelli said in the news release. “These recent sales, two purchased as investment properties and two purchased as owner/user properties, demonstrate the strong demand for these two sectors.”