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Apartments in Coastal Fairfield County Find New Ownership After Upgrades
CBRE’s Jeff Dunne, Eric Apfel and Stuart MacKenzie arranged the $48.65-million sale of Reserve41, a 164-unit multifamily community in Norwalk, CT. The CBRE team represented the seller, Norpointe LLC, a partnership led by Greenwich, CT-based real estate investment firm, Belpointe. They also procured the buyer, Yellowstone Property Group, a privately held real estate investment group based in Ramsey, NJ.
Built in 1959, Reserve41 is a two-story, garden-style residential community. The property is a former co-op converted to multifamily rental apartments. Norpointe LLC acquired the property in 2016 and completed a comprehensive upgrade program in 2020.
“There was significant interest in the offering due to its Norwalk location in coastal Fairfield County and the opportunity to enhance value by upgrading amenities to contemporary resident tastes,” said Dunne. He added that the New York City metro area offers “compelling value to investors” while other markets have been slowing.
- ◦Sale/Acquisition

