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National  + Connecticut  + Apartments  | 

CBRE Brokers AvalonBay Sale in CT

AvalonBay Communities sold its 250-unit Avalon Shelton luxury apartment community in Shelton, CT to Pennsylvania-based Merion Realty Partners. The purchase price wasn’t disclosed. The REIT sold its AVA Stamford in Stamford, CT last July for $105 million, or about $340,000 per unit.

A CBRE team of Jeffrey Dunne, Gene Pride and Stuart MacKenzie represented AvalonBay in the sale, while also procuring the buyer. “This is a very unique asset,” said Dunne. “Its location adjacent to walking paths along the Housatonic River offers residents with scenic views in a tranquil environment.

“At the same time, access to Route 8 is within only a couple minutes of the property, providing convenient access to the employment centers of New Haven, Stamford and Norwalk,” he continued. “Merion Realty Partners should do well with the asset, as they expand their footprint in Connecticut and build on the solid operations from Avalon.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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