Photo courtesy of Newmark

One of the many multifamily complexes in Danbury near the New York state line has traded hands with a $34 million increase in sale price.

The Abbey Lane Apartments, which sit on a hillside facing the famous, former Union Carbide headquarters complex, sold to an affiliate of Abacus Capital Group for $158 million on March 26, according to a warranty deed filed with the Danbury Town Clerk.

The $111.41 million mortgage was arranged by commercial brokerage Newmark’s Berkeley Point Capital division, public records show, and provided by Fannie Mae.

The seller was a pair of LLCs that share an address with Nauet, New York-based real estate investor Berkley Properties. The LLCs had bought the Abbey Lane apartments for $124 million in July 2019.

“Abbey Lane’s quality, location and amenity profile positioned the property well in the market, allowing us to secure a competitive financing solution aligned with the sponsor’s long-term strategy,” Newmark Managing Director Greg Primiano, from its multifamily debt and structured finance team, said in a statement.

Primiano and the team’s Vice Chairman Rob Cantizano and Vice President Deric Obeldobel worked the deal.

Built in 2014, the complex houses 470 apartments across five buildings, plus a clubhouse. Amenities include in-unit washers and dryers, a “resort-style” pool, co-working and WiFi lounges, and a children’s playroom. The complex is within commuting distance to White Plains and New York City and near regional rail and major airports.