Photo courtesy of the city of Norwalk.

A Norwalk apartment complex next to the Merritt 7 office development has sold for $68.5 million, according to a deed filed with the Norwalk City Clerk’s Office.

The Merritt River Apartments, a 227-unit apartment community located at 399 Main Ave., was bought by a trio of LLCs controlled by New Jersey-based developer Asher Handler. The seller was an affiliate of an REIT called TFP Equity, which shares a downtown Hartford address with a real estate investment arm of UBS.

The CBRE team of Jeffrey Dunne, Gene Pride, and Eric Apfel represented an Institutional owner, while also procuring the buyer, a private New Jersey investment firm.

Built in 2002, the 8-story property just off the Merritt Parkway features a clubhouse, fitness center, outdoor pool, fire pits, business center and covered parking garage. The new owner will be able to reinstitute a renovation program that the previous owner tested in 2012 by renovating kitchen countertops, cabinets, lighting and flooring, according to CBRE. One hundred and sixty-six units have original finishes that could generate a premium upon renovation.

“We are very pleased to have handled the sale of Merritt River,” Dunne said in a statement. “The past series of institutional owners have maintained the property to a high standard. As a result, the buyer should do very well with the property as they can grow revenue by renovating apartments.” “There was strong interest in this offering from both local and national investment firms creating a highly competitive sales process,” adds Pride. “There is abundant capital actively pursuing high quality value add offerings throughout the I-95 corridor between New Haven and Stamford.”