CBRE Group, Inc. announced today that Jeffrey Dunne, Gene Pride and Eric Apfel represented the Seller, an affiliate of Hunt Investment Management, in the sale of 597 Westport, a 235-unit Class AA apartment community located in Norwalk, Connecticut to GDC Properties, through a 1031 exchange, for $105.9 million.
The buyer, a partnership of GDC Properties, was represented by CBRE’s Debt & Structured Finance team. Jim Gunning, Donna Falzarano and Kyle Saviano procured first and mezzanine financing from The Guardian Life Insurance Company and a pension fund client represented by Quadrant Real Estate Advisors, respectively. The blended rate for the 5-yr term was very aggressive.
Built in 2009 to appeal to the affluent resident base in the Norwalk/Westport market, the property offers a resort inspired amenity package featuring a clubroom with full caterer’s kitchen, media lounge and billiards room as well as a fitness center that opens directly to an outdoor saltwater pool with expansive sundeck, cabanas and outdoor kitchen. There is a board room/dining room with additional attached kitchen for private resident events. The units are appointed with luxury finishes that include 9’ and 10’ ceilings, crown molding, built in bookcases, oversized kitchens with islands and wine refrigerators.
Mr. Dunne commented: “We are pleased to have represented Hunt Investment Management in the sale of 597 Westport. The asset has a unique market position as it is located directly on the Westport/Norwalk border and serves the affluent Westport community by offering ultra-luxury finishes. The resident base in the property contains a large percentage of second home owners and retiree’s that appreciate the connection to Westport’s highly appealing lifestyle. When touring the property, you immediately get the sense that 597 Westport is a special asset. GDC Properties will do very well with the property given their customer focused management style which is ideally suited for this market.”
CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $11 billion in property sales in all property types over the last five years including $1.8 billion of apartment sales since 2014. Many of the world's leading developers and commercial property owners rely on CBRE's Debt & Structured Finance as a trusted advisor to provide innovative financial solutions for their commercial real estate investment needs.
CBRE Institutional Properties is also currently marketing for sale Talleyrand Apartments, a 300-unit apartment community in Tarrytown, New York; 1 Kennedy Flats, a 374-unit apartment community in Danbury, Connecticut; StarPoint Crossing, a 15.5-acre mixed use development site approved for 1M square feet that includes 730 apartments, 135-key hotel, a 217,000 square-foot medical/office building and 90,000 square feet of retail in Port Chester, New York; One Lyon Place, a 212 unit redevelopment opportunity in White Plains, NY.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.