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CBRE Arranges $48.65 Million Sale of 164-Unit Reserve41 in Norwalk, Connecticut

Today, representatives of CBRE, led by Jeff Dunne, Eric Apfel and Stuart MacKenzie, announced the $48.65 million sale of Reserve41, a 164-unit multifamily community in Norwalk, Connecticut.

CBRE represented the seller, Norpointe LLC, a partnership led by Greenwich-based real estate investment firm, Belpointe. The team also procured the buyer, Yellowstone Property Group, a privately held real estate investment group based in Ramsey, New Jersey.

Built in 1959, Reserve41 is a two-story, garden-style residential community featuring an outdoor pool, playground and park-like landscaped grounds. The property is a former co-op converted to multifamily rental apartments. Norpointe LLC acquired the property in 2016 and began a comprehensive upgrade program in 2018 and completed it in 2020. The upgrade program included a full renovation of kitchens, bathrooms, in-unit washer-dryers and lighting, as well as the complete replacement of all building systems with modern heating, central AC and new water heaters. Yellowstone is planning a multi-million dollar
renovation project to deliver updated amenities and modernize the look and feel of the property.

CBRE’s Jeff Dunne said, “We are pleased to represent Norpointe LLC in the sale of Reserve41. There was significant interest in the offering due to its Norwalk location in coastal Fairfield County and the opportunity to enhance value by upgrading amenities to contemporary resident tastes. Other markets, especially southern markets are seeing a slowdown in rental growth and transaction activity, meanwhile the New York City metro offers compelling value to investors in terms of yield, durability of incomes, and constrained supply growth.”

CBRE’s Eric Apfel added, “Norwalk residents benefit from access to coveted employment sectors of health care, tech and finance and which support strong household incomes. The buyer will benefit greatly from steady cashflow and high occupancy rates due to the strong demand Fairfield County continues to offer owners and operators. Both buyer and seller
worked expeditiously to close the transaction. We appreciate buyer and seller’s collaborative efforts to see everything through.”

CBRE Institutional Properties is currently marketing for sale: 15 Bank Street, a 501-unit high-rise community in White Plains, NY; Halstead Milford, a 246-unit garden style community in Milford, CT; Pond View Land, a 204-unit development site in Farmington, CT; and Six Points at Bloomfield Station, a 176-unit apartment community in Bloomfield, NJ.

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