Danbury, CT CBRE has completed the $108.5 million sale of Crown Point Apartments, a 466-unit residential property. The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel represented the owner, an affiliate of Harbor Group International, LLC (HGI), in the sale and also procured the buyer.
Built in two phases in 2007 and 2011, Crown Point Apartments offers a collection of amenities, including two clubhouses, each with a fitness center and a swimming pool. The property is in close proximity to diverse retail, such as Trader Joe’s and Starbucks, as well as the region’s abundant employment, recreation and entertainment centers. Crown Point Apartments offers a value-add opportunity for the new owner, as all of the apartments have original finishes that can be upgraded with more modern granite counter tops, stainless steel appliances, vinyl plank flooring and lighting, in order to generate additional rent premiums.
“Crown Point is an exceptional asset with a strong history of rental growth due to HGI’s efficient, hands-on management. The Danbury market has had a history of strong occupancy, even with the 800+ new apartments that were delivered over the past three years,” said Dunne. “The buyer can build on this solid base of high occupancy and attentive management by modernizing apartment interiors and generating additional revenue, as renters in Fairfield County typically pay a premium for updated interiors.”