Representatives of CBRE, led by Simon Butler, Biria St. John, Jeff Dunne, Eric Apfel, Tim Flint, and Taylor Froland, announced the $39,775,000 sale of Kimberly Place in Danbury, Connecticut and One Leonard in downtown Norwalk, Connecticut.
CBRE, Inc. exclusively represented the seller, an affiliate of First Atlantic, LLC, and procured the buyer, an affiliate of Heritage Housing, Inc.
The 169-unit portfolio comprises two properties within Fairfield County, the 116-unit Kimberly Place in Danbury, and the 53-unit One Leonard in Norwalk. Both properties have been well-maintained, with elevator service and steel-frame construction. The properties each offer accessible locations in desirable communities with walkable lifestyle amenities and convenient highway access. Both properties are set aside for senior residents ages 62+ and benefit from Section 8 HAP contracts covering all but two units.
Kimberly Place is a 10-story brick building with a resident lounge, fitness center, library, outdoor terrace, and more that consists of 116 one-bedroom apartments measuring approximately 576 square feet each.
CBRE’s Biria St. John said, “We are pleased to have represented the seller of this portfolio and procured the buyer. First Atlantic has been a great steward of these assets over the years, ensuring that they continue to meet the needs of Danbury and Norwalk’s elderly residents. We are also pleased to have found Heritage Housing, Inc., who plans to invest significant capital to upgrade the living experience for the residents and preserve the affordability for years to come.”
CBRE’s Jeff Dunne added, “We are delighted to have represented First Atlantic, LLC. Our team remains very active in the sale of quality apartments in Southern Connecticut. The $39.8 million sale follows on the heels of the $97.5 million sale of The Mill in Greenwich, earlier in September, and the pending sale of Crown Point Apartments (466 units) in Danbury that closes mid-October.”
