Sentinel Real Estate acquired a 136-unit apartment building in Norwalk, Connecticut. The development also has four commercial units.
Sentinel paid $53 million for the mixed-use complex at 55 North Water Street.
Avenue Realty Capital was the seller.
Rosewood Realty Group represented Sentinel on the deal for the 145,000-square-foot building.
Nicholas Stein, Sentinel’s managing director, said the five-story property fits in with the firm’s overall strategy of targeting “high-quality, walkable suburban housing with access to strong employment centers.”
Avenue Realty did not return a request for comment.
Rosewood co-founder and president Aaron Jungreis said the seller initially reached out to him in February, and JLL was brought on to assist in the marketing.
The Norwalk deal is part of the $382 million in sales that New York-based Rosewood brokered outside of the state this year, including properties in Georgia, Texas and Maryland. Rosewood launched its national brokerage division earlier this year in response to New York state’s new rent regulations. Led by Jungreis and Jonathan Brody, the division was supposed to be a “side business” for Rosewood, which has typically focused on New York’s multifamily market.
But as multifamily deals have slowed down in New York — both because of the rent regulations and the pandemic — out-of-state transactions are now a major part of the firm’s business, Jungreis said.