A New York City investor has bought a Shelton apartment complex for $24 million, according to a special warranty deed filed with the city clerk’s office.
An affiliate of Beachwold Residential bought the garden-style apartment complex at 100 Avalon Drive from trust that’s an affiliate of Inland Private Capital on Oct. 2.
The complex was originally built by Avalon Bay, town property records show.
Beachwold Residential is a prolific developer and acquirer of apartment complexes in the Tri-State Area plus six states in the South.
The city of Shelton appraised the property at $26.83 million.
In an announcement of the deal, commercial brokerage Marcus & Millichap’s Institutional Property Advisors division said the complex has 86 townhomes and 13 two- and three-bedroom apartments, with 70 units in total having direct garage access. All are market-rate units and the average unit size is 1,414 square feet, the brokerage said. A gym, swimming pool and lounge round out the amenity package.
“Townhome living has become an extremely desirable, resilient, and underserved segment of the multifamily market,” Victor Nolletti, IPA executive managing director investments, said in a statement. “Huntington Townhomes is a well-amenitized, 100% market-rate apartment property with a build-to-rent structure, strong in-place cash flow and the opportunity for a light value-add refresh.”
IPA’s Nolletti, Eric Pentore, Wes Klockner and Ross Friedel represented the seller and procured the buyer.