CBRE has announced the $108.5 million sale of Crown Point Apartments, A 466-unit residential property in Danbury, Conn. The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel represented the owner, an affiliate of Harbor Group International, LLC (HGI), in the sale and also procured the buyer.
Built in two phases in 2007 and 2011, Crown Point Apartments offers a robust collection of amenities, including two clubhouses, each with a fitness center and a swimming pool. The property is in close proximity to diverse retail, such as Trader Joe’s and Starbucks, as well as the region’s abundant employment, recreation and entertainment centers. Crown point Apartments offers a value-add opportunity for the new owner, as all of the apartments have original finishes that can be upgraded with more modern granite counter tops, stainless steel appliances, vinyl plank flooring and lighting in order to generate additional rent premiums.
“Crown Point is an exceptional asset with a strong history of rental growth due to HGI’s efficient, hands-on management. The Danbury market has had a history of strong occupancy, even with the 800+ new apartments that were delivered over the past three years,” said Dunne of CBRE. “The buyer can build on this solid base of high occupancy and attentive management by modernizing apartment interiors and generating additional revenue, as renters in Fairfield County typically pay a premium for updated interiors.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years, including $1.8 billion of apartment sales since 2014.
CBRE Institutional Properties is currently marketing for sale Stamford Corners, a 195-apartment community in Stamford, Conn.; 360 State, a 500-apartment community in New Haven Conn.; Liberty Place, a 6.2-acre residential development site in Union, N.J. approved for 154 apartments; StarPoint Crossing, a 15.5-acre mixed-use development site approved for one million square feet that includes 730 apartments, a 135-key hotel, a 217,000-square-foot medical/office building and 90,000 square feet of retail space in Port Chester, N.Y.; and The Collection, a 276-apartment community with 24,500 square feet of retail space in White Plains, N.Y.
Built in two phases in 2007 and 2011, Crown Point Apartments offers a robust collection of amenities, including two clubhouses, each with a fitness center and a swimming pool. The property is in close proximity to diverse retail, such as Trader Joe’s and Starbucks, as well as the region’s abundant employment, recreation and entertainment centers. Crown point Apartments offers a value-add opportunity for the new owner, as all of the apartments have original finishes that can be upgraded with more modern granite counter tops, stainless steel appliances, vinyl plank flooring and lighting in order to generate additional rent premiums.
“Crown Point is an exceptional asset with a strong history of rental growth due to HGI’s efficient, hands-on management. The Danbury market has had a history of strong occupancy, even with the 800+ new apartments that were delivered over the past three years,” said Dunne of CBRE. “The buyer can build on this solid base of high occupancy and attentive management by modernizing apartment interiors and generating additional revenue, as renters in Fairfield County typically pay a premium for updated interiors.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years, including $1.8 billion of apartment sales since 2014.
CBRE Institutional Properties is currently marketing for sale Stamford Corners, a 195-apartment community in Stamford, Conn.; 360 State, a 500-apartment community in New Haven Conn.; Liberty Place, a 6.2-acre residential development site in Union, N.J. approved for 154 apartments; StarPoint Crossing, a 15.5-acre mixed-use development site approved for one million square feet that includes 730 apartments, a 135-key hotel, a 217,000-square-foot medical/office building and 90,000 square feet of retail space in Port Chester, N.Y.; and The Collection, a 276-apartment community with 24,500 square feet of retail space in White Plains, N.Y.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
