CBRE Group, Inc. announced today that Jeffrey Dunne, Gene Pride and Travis Langer of CBRE’s Institutional Properties, represented an institutional owner in the sale of Riverview, a 92-unit apartment community located in Norwalk, Connecticut to The Silverman Group for $19.5 million as part of a 1031 Exchange.
Built in 1991, the 92-unit apartment community, located on Richards Avenue, is a value-add opportunity as the interiors have original finishes allowing the buyer to renovate units and capture the increasing demand for luxury apartments in lower Fairfield County. The building offers underground garage parking, a quiet setting that is adjacent to the Five Mile River and easy access to I-95 and the Route 1 retail, restaurant and entertainment district.
Mr. Dunne commented: “The interest in Riverview Apartments was very strong given the upside to grow rents through a unit renovation program, coupled with its proximity to I-95, Darien, Stamford and New Canaan. We expect new ownership will fare well with their planned renovation program.”
The CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years including $2.4 billion of apartment sales since 2014.
CBRE Institutional Properties has a number of attractive apartment investment opportunities currently on the market including: Meridia, a 125-unit apartment community in West New York, New Jersey; Prospect Place, a 360-unit “value add” property in Hackensack, New Jersey; 66 Summer, a new 209-unit 15-story high rise in Stamford, Connecticut’s CBD; Ashwood Valley, a 268-unit apartment community in Danbury, Connecticut; Windshire Terrace, a 226-unit apartment community in Middletown, Connecticut; and Cooper Place, a development parcel for 336 apartment units in Hempstead, New York.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
