Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Hillcroft Village, a 192-unit apartment complex in Danbury, Connecticut.
“Hillcroft Village is a proven value-add opportunity asset with large, well-designed apartment homes overlooking the Ridgewood Country Club,” said Victor Nolletti, IPA executive managing director. “Residents have easy access to main employment centers, retail services, restaurants and all the lifestyle benefits of Fairfield County’s blend of urban and suburban living.” Nolletti and IPA’s Eric Pentore and Wes Klockner represented the seller, a venture partner of Timberline Real Estate Ventures LLC. IPA also procured the buyer, California-based FPA Multifamily.
The property is located off Interstate 84, five miles from the Westchester County, New York border, and within a short drive of Stamford, Connecticut and White Plains, New York. The Danbury Metro-North train station is five minutes from the property and the Brewster, New York train station is also nearby. Employers in the immediate area include Boehringer Pharmaceuticals, Pepsi, IBM, Danbury Hospital, Pitney Bowes, UTC Aerospace Systems and the Danbury Fair Mall.
Built in 1971 on 10.5 acres, the property has eight three-story buildings and 294 parking spaces. Community amenities include a swimming pool, sundeck, playground and a recently constructed leasing center with a club room, fitness center and resident lounge. Apartments have washers, dryers, and private balconies or patios. The average unit size is 988 square feet.
