Hillcroft at Danbury, Danbury, CT

February 8, 2017 Comments Off on 192-Unit Property Changes Hands in Value-Add Play Views: 322 Connecticut, National News, Northeast

192-Unit Property Changes Hands in Value-Add Play

Par Hillcroft LLC struck a deal with Timberline Real Estate Ventures LLC to sell the 192-unit Hillcroft at Danbury, located in the hills of Danbury, CT. The buyer paid $32.3 million for the apartment property, which breaks out to just under $168,000 per unit.

“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club, just minutes from the Richter Park Golf Course,” said Victor Nolletti with Marcus & Millichap’s Institutional Property Advisors. Nolletti, along with IPA’s Steve Witten, Eric Pentore and Wes Clocker, brokered the transaction. “Previous ownership constructed a club room, fitness center and leasing center that positions the property to further benefit from an easy-to-execute floor plan reconfiguration,” Nolletti added.

Hillcroft at Danbury is at 10 Clapboard Ridge Rd., and offers one, two and three-bedroom apartments, measuring from 834 to 1,272 square feet. On-site amenities include a clubhouse and fitness center, children’s playground, and a swimming pool.

Read More at Businesswire

Connect with IPA’s Nolletti

Subscribe to Connect Daily National

For comments, questions or concerns, please contact Amy Sorter

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.