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Deals & Dealmakers

CT apartment community trades for $35M

CBRE announced the $34.8 million sale of Alvista Willow Brook, a 180-unit apartment community located in Meriden, CT.

The CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, an affiliate of Phoenix Realty Group (PRG), an active multifamily owner, operator, equity investor, developer and fund manager with properties throughout the United States, while also procuring the buyer, Beachwold Residential.

Built in 2005, the seller has completed renovations to 70 percent of the units and the community features a resident lounge, fitness center, outdoor pool, covered private garage parking and a leasing office. Located in the Hartford suburbs, it is proximate to I-91.

Commented Dunne, “We are pleased to have represented PRG in this sale, as they have done a fantastic job upgrading the property and maintaining very strong operations during the pandemic. Alvista Willow Brook is emblematic of the demand from both renters and investors that suburban communities are seeing right now.”

“We expect Beachwold to do great with this property as they add it to their sizable Connecticut portfolio. They are a proven suburban operator that will be able to leverage the communities’ large apartments and expansive amenities to build on the steady performance currently in place at the asset,” addedPride.

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