FPA Pays $152M for 466-Unit Asset
This marked Connecticut’s largest deal of its kind so far this year.
Prospect Capital Corp.’s REIT has sold Crown Point Apartments, a 466-unit asset in Danbury, Conn., for $151.8 million. FPA Multifamily acquired the property, as reported by Westfair Business Journal. CBRE represented the seller.
This deal marks the largest single-asset multifamily sale of the year in Connecticut, and also the biggest overall sale in Danbury’s history, the same source shows.
The last property to fetch a higher price across the entire greater Bridgeport-New Haven, Conn., metro was The Pavilions, a 932-unit community that commanded $210.2 million in 2022, Yardi Matrix shows.
Crown Point previously traded for $108.5 million in 2018, according to the same data provider. Harbor Group International sold it at the time.
The community came online in 2007 and 2011. The first phase brought 186 units, while the remaining 280 apartments opened as part of phase two. The property is also within the 546-acre The Reserve in Danbury master plan.
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Crown Point sits on more than 80 acres at 50 Saw Mill Road, next to the New York-Connecticut border. The community is within 7 miles from Danbury’s city center and 34 miles northwest of downtown Bridgeport. Interstate 84 runs less than a mile away.
The property comprises 14 buildings encompassing one- to three-bedroom floorplans that average 968 square feet. Community amenities include a swimming pool with sundeck and a clubhouse, among other features.
CBRE Vice Chairman Jeffrey Dunne, together with First Vice Presidents Eric Apfel and Stuart Mackenzie, as well as Senior Financial Analyst Travis Langer, represented Prospect Capital.
FPA Multifamily has traded $30 billion worth of assets since its inception in 1985, amounting to 805 properties and more than 152,500 apartments, according to its website. It has more than $16 billion in assets under management, making it one of the country’s top multifamily owners.
Investor appetite surges in Bridgeport-New Haven
Metro Bridgeport-New Haven recorded $655.5 million in multifamily transactions during the first nine months of the year, recording a staggering 184.7 percent growth year-over-year, according to Yardi Matrix data.
Apartments got more expensive as well. Across the first three quarters, units traded on average for $215,275, up from $154,923 during the same period of last year. Meanwhile, Crown Point changed hands for more than $325,000 per unit, surpassing both thresholds.
