AMS Venture Breaks Ground on 208-Unit Project
The developer took out a $71 million construction loan.
A joint venture between AMS Acquisitions and Avenue Realty Capital has broken ground on 131 Danbury Road, a 208-unit multifamily project in Wilton, Conn. Completion is expected by early 2027, according to Commercial Observer.
The companies recently acquired the site, in a deal arranged by Partners Commercial Real Estate. Madison Realty Capital provided a $71 million construction loan facilitated by Arrow Real Estate Advisors.
The $95 million development rises along Route 7 on the former site of an office building, close to Norwalk River and less than 2 miles from the city center. Downtown New Haven, Conn., is 33 miles northeast, while Newark, N.J., is 62 miles away.
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Upon delivery, the five-story community will comprise one-, two- and three-bedroom floorplans, select layouts also having loft and den configurations. The project is set to include a connected two-story clubhouse with a fitness center, coworking space, music room and private office space. Amenities will also feature outdoor kitchens, grilling stations and a swimming pool.
Arrow Real Estate Advisors Founder Morris Betesh, Managing Partner Alex Bailkin and Senior Vice President Matt O’Hanlon led the team that arranged the financing. Partners Commercial Real Estate President Scott Gance represented the buyer in the land purchase.
More communities to come online
The Bridgeport-New Haven area had 77 projects under construction as of May, which will add 12,620 units to the market’s inventory upon their completion, Yardi Matrix information shows. Additionally, the metro had almost 350 prospective projects or in different planning stages.
Last month, Toll Brothers officially opened its first Connecticut community, a luxury property in Stamford. The seven-story building comprises 356 units.
