Rosewood Realty Group announced the $53 million sale of a mixed-use complex in Norwalk, Connecticut.
Aaron Jungreis represented the buyer, Sentinel Real Estate group and the seller, Avenue Realty Capital, was represented by JLL.
The 145,606 s/f asset sold at a 5.25 percent cap rate, according to Jungreis, who commented, “This property was well maintained by Avenue Realty Capital but there is still upside remaining. Sentinel is an active buyer who recognizes good value-add deals and executed this transaction flawlessly.
Called The Sheffield SoNo, the property consists of 136 residential units and four commercial units as well as 230 on-site parking spaces.
Located at 55 N Water Street, a half mile from the Metro North commuter rail station in Norwalk, the property offers a comprehensive amenities package including large meeting areas, open kitchen, gym, and free Wi-Fi in all amenity spaces.
The sale marks another sizeable transaction outside of New York since Rosewood formed its National Investment Sales Team in January. Led by Jungreis and Jonathan Brody, the team has completed $382 million in sales spanning Georgia, Texas, Connecticut, and Maryland.
“Rosewood’s National Investment team currently has six new deals in contract with anticipated close in the first quarter of the new year,” added Jungreis.
Brody added “We couldn’t be more pleased with the traction and sales volume we’ve achieved this year, and we look forward to increasing market share in key states in 2021.”