CBRE Announces $34.75M Sale Of Avalon Wilton Apartment Community

Press release from CBRE:

Dec. 30, 2020

CBRE announced Dec. 21 the sale of Avalon Wilton on Danbury Road, a 100-home luxury apartment community located in Wilton, Connecticut. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie represented the owner, AvalonBay Communities, while also procuring the buyer, Clarion Partners.

“We are delighted to have represented AvalonBay in the sale of Avalon Wilton,” said CBRE’s Jeff Dunne. “The property’s highly desirable location is in the affluent town of Wilton which boasts one of the top-rated public school systems in Connecticut. With extremely high barriers to entry for apartment development in Wilton and comparable higher demographic nearby towns, the property will continue to enjoy strong demand and robust rent growth,” added Dunne.

Built in 2011, Avalon Wilton on Danbury Road is a highly amenitized Class A community offering a fitness center, heated pool, BBQ grills, and playground. The oversized homes feature open floor plans and luxury finishes including granite countertops, stainless steel appliances, and Nest thermostats. The property is located along Route 7 providing convenient access to nearby amenities and employment centers including Stamford, Norwalk and Danbury, and is just one hour from Midtown Manhattan.

CBRE Institutional Properties is currently marketing for sale: The Fairfield, a 263-unit value-add apartment community in Stamford, CT; 77 West Post Road, a 400-unit, multifamily development site in White Plains, NY; and 803 South Avenue, a 100% market rate, fully approved residential development site with a 30-year PILOT in Plainfield, NJ.

This press release was produced by CBRE. The views expressed here are the author's own.