SHELTON: Located at 100 Avalon Drive, the 99-unit Avalon Huntington apartment complex built in 2008 has sold for $33 million. The property is situated near Route 8 and provides access to Huntington Road and I-95, New Haven and Norwalk are approximately 15 miles away.
The buyer, Inland Real Estate Acquisitions LLC, will rebrand the property as Huntington Townhomes. The seller is AvalonBay Communities Inc.[NYSE: AVB] a Real Estate Investment Trust [REIT], Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.
The complex is made up of seven three- and four-story buildings, including 86 townhome-style homes, 13 garden apartments and 194 parking spaces. The community provides 68 two-bedroom and 31 three-bedroom apartments.
Residential units provide gourmet kitchens, walk-in closets, energy-efficient windows, individual alarm systems with monitoring, and full-size washers and dryers. Select units feature vaulted ceilings, a patio or balcony, gas fireplaces and separate dining rooms. Community amenities include a heated outdoor pool, picnic area, clubhouse and state-of-the-art fitness center.
“With 86 townhouse-style homes, 67 units with direct-entry garages and an overall average unit size of 1,413 square feet, Avalon Huntington is a unique asset in the Fairfield County submarket,” said Victor Nolletti, senior managing director leading IPA’s Northeast team, in prepared remarks. “While this property is one of the submarket’s signature assets, minor enhancements to kitchen counters, flooring and lighting support a value-add strategy that will enhance investment returns for new ownership.”
Nolletti and Eric Pentore, first vice president, investments at IPA, represented the seller and procured the buyer. Joe Cosenza, vice chairman of The Inland Real Estate Group LLC and president of Inland Real Estate Acquisitions LLC, completed the deal, with assistance from Gina LaMantia, managing counsel at Charles J. Benvenuto P.C., on behalf of an Inland affiliate.