Greystar Sells Class A Community in CT
Lowe Enterprises Investors bought the 374-unit luxury community located in the heart of Danbury, Conn. Greystar will continue to manage the property.
Lowe Enterprises Investors, in partnership with an investment client, has purchased 1 Kennedy Flats, a 374-unit Class A community in Danbury, Conn. CBRE worked on behalf of the seller, Greystar, which will continue to manage the property. Last month, the company also traded a 1,616-unit portfolio in South Florida. The buyer, who was self-represented in the deal, also received an acquisition financing, which was secured by Berkadia.
Located at 1 Kennedy Ave., the property is within a four-minute walk of downtown Danbury. The area offers various dining and shopping options, and provides access to creative and tech companies, such as UpDesign Media. The five-building community was constructed in 2016 and comprises a mix of studio, one-, two- and three-bedroom units, as well as 13 townhomes with attached garages. The units feature granite countertops, tile black splashes, built-in microwaves, energy-efficient appliances, oversized windows, wood plank flooring, in-unit washers and dryers, balconies and walk-in closets.
The communal areas feature amenities such as:
- 3,000-square-foot resident lounge with fireplace
- bar seating
- pool table
- sundeck and bar
- grilling and kitchen area
- fitness center
Andy Sands and John Gaghan led Lowe Enterprises Investors’ acquisition team in the transaction.
Image courtesy of Yardi Matrix