Photo courtesy of the town of New Canaan assessor's office

A luxury apartment complex in Fairfield County has a new owner: the local housing authority.

But don’t expect the Avalon New Canaan to become public housing.

The New Canaan Housing Authority bought the 9.1-acre, 104-unit complex for $74.65 million last week, according to town property records. The authority renamed the complex Riverwood at New Canaan.

The seller was AvalonBay Communities, the giant multifamily REIT.

According to local news site New Canaanite, the town plans to convert 21 of the complex’s units into workforce housing, renting at below-market rates, as they become vacant.

Greystar will manage the property for the town.

The purchase was motivated by the state 8-30g affordable housing law. It gives the town a better chance of securing state approval for a second, four-year moratorium on new affordable housing projects within its borders.

Financing was provided by the town, plus bonds backed in part by Fannie Mae.