Connecticut Property Changes Hands for $49M
The former owner recently implemented a two-year capital improvement program.
Reserve41
Yellowstone Property Group has acquired Reserve41, a 164-unit multifamily community in Norwalk, Conn., for $48.7 million. The seller was Norpointe LLC, a partnership led by Belpointe. CBRE brokered the deal for the seller and procured the buyer.
Built in 1959, the property comprises 14 buildings with one-, two- and three-bedroom floorplans, offering an average unit size of 1,040 square feet. common-area amenities encompass a basketball court, a swimming pool, two laundry facilities, a playground and 245 parking spaces, according to Yardi Matrix data.
In 2018, Norpointe LLC began an upgrade program, which lasted through 2020. The improvements included the full renovation of kitchens, bathrooms, in-unit washer-dryers, as well as the replacement of all building systems with modern heating, central AC and new water heaters. Yellowstone also plans to implement a multi-million dollar upgrade.
An attractive Norwalk location
Located at 41 Wolfpit Ave., just off Highway 1, the garden-style property is roughly 2 miles from East Norwalk Train Station and 3 miles from the main retail corridor in Westport, Conn. Dining and shopping options are also available within walking distance of the community. Residents have access to large employment sectors in the area, such as healthcare, finance and tech.
The CBRE team facilitating the deal included Vice Chairman Jeff Dunne, along with Vice Presidents Eric Apfel and Stuart MacKenzie. Dunne stated in prepared remarks that there was significant interest in the offering which he credited to the Norwalk location and the opportunity to enhance value by upgrading amenities. Earlier this year, Dunne was also involved in the $113 million sale of a northern New York community, located 25 miles from Reserve41.
