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GDC Properties closes on $106M deal for Connecticut apartments

GDC Properties closed on a $105.9 million deal earlier this week for an apartment community in Norwalk, Connecticut.

Represented by the in-house team of William Ingraham, Christine McWalters, Michael Orlandi and Kali Valenzuela, the Westchester County firm acquired the 235-unit development at 597 Westport Avenue from Hunt Investment Management an affiliate of Texas-based Hunt Companies, which was represented by Jeff Dunne, Gene Pride and Eric Apfel of CBRE.

GDC obtained the AA apartment community through a 1031 exchange using first and mezzanine financing packages put together by CBRE’s Debt and Structured Finance team.

Founded in 1994, GDC Properties is a developer and property manager that specializes in luxury housing, shopping centers and office buildings. The Connecticut apartments add to a portfolio that includes property in New York, Delaware, Colorado, Georgia and Florida.

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