Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Avalon Wilton on River Road, a 102-unit multifamily asset in Wilton, Connecticut.
“Avalon Wilton is an outstanding, 100% market-rate suburban asset within walking distance of Wilton Town Center and the Metro-North Railroad station,” said Victor Nolletti, IPA executive managing director investments. “The property’s two- and three-bedroom/two-bath apartments average 1,552 square feet, providing residents with the feel of a build-to-rent home.” Nolletti, along with Eric Pentore, IPA senior vice president, Wes Klockner, IPA vice president and IPA’s Ross Friedel represented the seller, AvalonBay Communities Inc. and procured the buyer, AEW Capital Management.
The property is a short distance from the Merritt Parkway, Interstate 95, Connecticut State Route 25, and Stamford. The location gives residents access to the top-ranked Wilton Public Schools district, Leonard J. Bradley Park, and high-end dining and boutique shopping in the Town of Wilton. Average annual household income in the Town of Wilton is over $265,500, and in 2024 the average price of a single-family home was $1.4 million.
Built in 1996 and renovated in 2012, Avalon Wilton on River Road, is an eight-residential building property with a leasing center/recreational facility. Community amenities include an outdoor heated pool, a courtyard with grills, and a separate gazebo with grills for private entertaining. There are 64 townhome-style and 38 garden-style units, all with direct private entries. Ninety homes have attached garages and 77 feature fireplaces.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
Institutional Property Advisors (IPA) is a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
