CBRE announce the sale of The Berkeley at Waypointe and Quincy Lofts, a 198-unit, Class A multifamily portfolio located in Norwalk, CT.
The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Eric Apfel represented the owner, Alex. Brown Realty, while also procuring the buyer, Invictus Real Estate Partners, a NYC based real estate private equity company .
The offering represented an opportunity for investors to purchase two exceptionally built luxury multifamily assets. The properties are part of the second phase of the Waypointe district in Norwalk, CT, the first being The Waypointe (464-units with 56,383 s/f of ground floor retail) which was also purchased by Invictus in August 2020 in a CBRE-advised sale.
“We were pleased to represent Alex. Brown Realty in the sale of The Berkeley at Waypointe and Quincy Lofts,” said Jeff Dunne, Vice Chairman at CBRE.
“The properties represented a great opportunity for investors to purchase high-quality, core assets below current replacement cost in a desirable, evolving neighborhood central to a dense employment and high-income corridor along the New Haven Metro North train line. We expect the seller will enjoy strong risk-adjusted returns given the strong performance of the properties and the operating synergies that ownership will be able to achieve given their scale and presence in the immediate vicinity.”
The Berkeley (pictured top) is a five-story building consisting of 129-units and 10,331 sq. ft. of ground floor retail surrounding a 371-space parking garage located at the intersection West Avenue and Maple Street. The Berkeley features an outsized clubroom, fitness center and large rooftop deck with views of the Long Island Sound.
Quincy Lofts is a five-story building consisting of 69-units over 87 ground-floor level parking spaces and features a resident lounge and large outdoor patio with grills and fire pits.
property was completed in 2017 by a joint venture of Alex. Brown Realty Inc.
and Belpointe Cos.
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