GDC Properties buys Norwalk luxury apartments for $106M

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Texas-based Hunt Investment Management sold a 235-unit luxury apartment complex in Norwalk for $105.9 million to GDC Properties of Westchester. The 23-acre property near the Norwalk-Westport border, dubbed 597 Westport, was built in 2009. The sale went through a 1031 exchange, a tax provision that allows investors to reinvest the proceeds of a sale in another property without paying capital gains taxes. [FBJ]