192-Unit Property Changes Hands in Value-Add Play

Par Hillcroft LLC struck a deal with Timberline Real Estate Ventures LLC to sell the 192-unit Hillcroft at Danbury, located in the hills of Danbury, CT. The buyer paid $32.3 million for the apartment property, which breaks out to just under $168,000 per unit.

“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club, just minutes from the Richter Park Golf Course,” said Victor Nolletti with Marcus & Millichap’s Institutional Property Advisors. Nolletti, along with IPA’s Steve Witten, Eric Pentore and Wes Clocker, brokered the transaction. “Previous ownership constructed a club room, fitness center and leasing center that positions the property to further benefit from an easy-to-execute floor plan reconfiguration,” Nolletti added.

Hillcroft at Danbury is at 10 Clapboard Ridge Rd., and offers one, two and three-bedroom apartments, measuring from 834 to 1,272 square feet. On-site amenities include a clubhouse and fitness center, children’s playground, and a swimming pool.

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