January 14, 2020
AvalonBay Communities sold its 250-unit Avalon Shelton luxury apartment community in Shelton, CT to Pennsylvania-based Merion Realty Partners. The purchase price wasn’t disclosed. The REIT sold its AVA Stamford in Stamford, CT last July for $105 million, or about $340,000 per unit.
A CBRE team of Jeffrey Dunne, Gene Pride and Stuart MacKenzie represented AvalonBay in the sale, while also procuring the buyer. “This is a very unique asset,” said Dunne. “Its location adjacent to walking paths along the Housatonic River offers residents with scenic views in a tranquil environment.
“At the same time, access to Route 8 is within only a couple minutes of the property, providing convenient access to the employment centers of New Haven, Stamford and Norwalk,” he continued. “Merion Realty Partners should do well with the asset, as they expand their footprint in Connecticut and build on the solid operations from Avalon.”
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