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.
1 Kennedy Flats, Danbury, Conn.

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
  • library
  • bar seating
  • pool table
  • pool
  • sundeck and bar
  • firepits
  • 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