search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aHow NYC fits into the broker commission battleHow NYC fits into the broker commission battleEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorEvictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and ManorMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoff
Commercial
New York

Yellowstone buys Fairfield County apartment complex for $49M

CBRE represented the seller and procured the buyer

(Norpointe LLC)
(Norpointe LLC)

 

CBRE procured real estate investment firm Yellowstone Property Group in the purchase of a large apartment complex in Norwalk, Connecticut, last week.

The Ramsey, New Jersey-based firm purchased the 164-unit Reserve41 complex at 41 Wolfpit Avenue for 48.7 million $from Norpointe LLC, a partnership led by Greenwich-based real estate investment firm Belpointe, the CT Insider reported.

CBRE — led by Jeff Dunne, Eric Apfel and Stuart MacKenzie — represented Norpointe and procured Yellowstone — which owns apartment complexes in Connecticut, Pennsylvania, Indiana and Massachusetts — as the buyer, according to multiple outlets.

Reserve41, which was built in 1959, is composed of 14 two-story buildings with one-, two-, and three-bedroom apartments, with rents ranging between $2,100 and $3,500 per month.

Just off Route 1, the complex — which features an outdoor pool, playground and landscaped grounds — is located near a train station, movie theater, a high school and a Stew Leonard’s.

Sign Up for the undefined Newsletter

Norpointe, a partnership led by Greenwich-based real estate investment firm Belpointe, bought the complex in 2016 and, from 2018 to 2020, renovated the units’ kitchens, bathrooms and lighting. Norpointe also upgraded the buildings’ heating and central air conditioning systems, the outlet reported.

Yellowstone plans additional multimillion-dollar upgrades to the property, according to CT Insider.

CBRE’s Jeff Dunne said in a statement that there was “significant interest” in Reserve41 because it’s in Fairfield County, a market, according to Dunne, where there is still potential growth amid a real-estate slowdown.

Yellowstone’s Connecticut portfolio includes Gilbert Clock in Winsted, Brook Street Apartments and Sports Center Apartments in Bristol, Brookgate and Winthrop Court in Torrington, Royal Apartments in New Britain, Castle Apartments in Plainville, and Shippan Village Apartments in Stamford.

There have been several multifamily complexes in Connecticut that have sold recently.

In November, Brookfield Asset Management sold two multifamily complexes — the Winchester Lofts in New Haven and 1111 Stratford in Stratford — as part of a three-property, $117 million deal with Illinois-based B3 Holdings LLC. The transaction also included the 195-unit Ashton Mills in Cumberland, Rhode Island.

— Ted Glanzer

Tags
CBRETri-state