By Beata Lorincz
AvalonBay Communities Inc. has sold the 99-unit Avalon Huntington in Shelton, Conn., to Inland Real Estate Acquisitions LLC, for $33 million. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.
Located at 100 Avalon Drive, the asset was built in 2008. The property is situated near Route 8 and provides easy access to Huntington Road and I-95, while New Haven and Norwalk are some 15 miles away.
The property will be rebranded as Huntington Townhomes, and is made up of seven three- and four-story buildings, including 86 townhome-style homes, 13 garden apartments and 194 parking spaces. The community provides 68 two-bedroom and 31 three-bedroom apartments.
Residential units provide gourmet kitchens, walk-in closets, energy-efficient windows, individual alarm systems with monitoring, and full-size washers and dryers. Select units feature vaulted ceilings, a patio or balcony, gas fireplaces and separate dining rooms. Community amenities include a heated outdoor pool, picnic area, clubhouse and state-of-the-art fitness center.
“With 86 townhouse-style homes, 67 units with direct-entry garages and an overall average unit size of 1,413 square feet, Avalon Huntington is a unique asset in the Fairfield County submarket,” said Victor Nolletti, senior managing director leading IPA’s Northeast team, in prepared remarks. “While this property is one of the submarket’s signature assets, minor enhancements to kitchen counters, flooring and lighting support a value-add strategy that will enhance investment returns for new ownership.”
Nolletti and Eric Pentore, first vice president, investments at IPA, represented the seller and procured the buyer. Joe Cosenza, vice chairman of The Inland Real Estate Group LLC and president of Inland Real Estate Acquisitions LLC, completed the deal, with assistance from Gina LaMantia, managing counsel at Charles J. Benvenuto P.C., on behalf of an Inland affiliate.
“Ranked as the most successful city in Connecticut, Shelton serves as a residential community for many employees of nearby Sikorsky Aircraft Corp., Yale University, Sheaffer Pen Corp. and Pitney Bowes,” said Cosenza, in a prepared statement. “Huntington Townhomes provides the more than 168,000 residents within a five-mile radius with access to top-rated schools and public transportation that offers an easy commute to nearby Stamford and Norwalk.”
AvalonBay is one of the largest apartment owners in the U.S., with its Los Angeles multifamily portfolio including three of the largest metro-area residential communities.
Image courtesy of Yardi Matrix