A 169-unit portfolio of Connecticut affordable housing complexes was sold for $39.7 million.
The portfolio consists of the 10-story, 116-unit Kimberly Place in Danbury and the five-story 53-unit One Leonard in Norwalk. Both properties are set aside for senior residents ages 62 and up and carry Section 8 HAP contracts covering all but two units.
CBRE (NYSE: CBRE) represented the seller, an affiliate of First Atlantic, LLC, and procured the buyer, an affiliate of Heritage Housing Inc.
“Our team remains very active in the sale of quality apartments in Southern Connecticut,” said CBRE Vice Chairman Jeff Dunne, noting the new transaction “follows on the heels of the $97.5 million sale of The Mill in Greenwich, earlier in September, and the pending sale of Crown Point Apartments (466 units) in Danbury that closes mid-October.”
Photo of Kimberly Place courtesy of ForRent.com.
