235-unit Multifamily Development
Investment Background: Joint venture to acquire a fully entitled 22.9-acre site, and develop a 235-unit mid-rise apartment community. The development started in 2006 and was completed in 2010. Product Type: Mid-rise "wrap" property and LEED-Silver certification
Location: Norwalk, CT (~50 miles from New York City) along Westport Avenue, a major retail and commercial thoroughfare. The property is directly across the street from Whole Foods and within five minutes of downtown Westport.
Attributes: High barriers to entry, attractive demographics, strong operating fundamentals.