Danbury Apartment Community on the Market
- Oct 01, 2012
Danbury, Conn.—Brookview Commons, an 80,340-square-foot multifamily community located in downtown Danbury, is on the block. Institutional Property Advisors (IPA), a subsidiary of investment property specialist Marcus & Millichap, has been tasked with taking it to market, with senior directors Steve Witten and Victor Nolletti representing the seller, Brookview Commons LP.
The property is an L-shaped, four-story, concrete-and-steel structure completed in 2007 on 2.67 acres at a cost of more than $25 million. According to Marcus & Millichap, other competitive rental properties in the submarket are wood-frame construction.
Brookview Commons includes contains 45 studios, 46 one-bedroom units, 20 two-bedroom apartments and four two-bedroom corner apartments. The property has gated and covered parking for 75 cars and a total of 172 parking spaces, or 1.48 spaces per unit.
The property is in Danbury’s CityCenter, a one square-mile district in downtown Danbury near Main Street and the Metro-North train station. Western Connecticut State University, with more than 6,400 students, is about a half mile from Brookview Commons.
Danbury is a town of about 80,000 in Fairfield County in western Connecticut, and has seen some growth in the last few decades, more than much of New England. According to the Census Bureau, the town’s population expanded by 8 percent in 2010 compared with 2000, and was up about 14 percent that year compared with 1990.