Konover Partnership Acquires Fairfield County Apartment Complex

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The Simon Konover Co., based in West Hartford, and its partners have acquired a 268-unit apartment complex in Danbury for $53.3 million, or $199,000 a unit.

The Simon Konover Co. has acquired Avalon Valley in Danbury. Photo Courtesy of Marcus & Millichap.

The Simon Konover Co. has acquired Avalon Valley in Danbury. Photo Courtesy of Marcus & Millichap.

The partnership, which includes Outlook Development Group of Wisconsin and a subsidiary of The Goldman Sachs Group Inc. purchased Avalon Valley from Avalon Bay Communities for $199,000 a unit, according to brokers involved in the deal.

Konover said the Avalon Valley deal is the seventh transaction in which Konover has partnered with Outlook, but the first in Connecticut.

“The multifamily market has long been a fundamental focus of our development and investment efforts,” James Wakim, Konover’s president and chief operating officer, said. “We are very pleased with this acquisition given the quality of the community and its vibrant Fairfield County location.”

The garden-style complex was built in 1998 on nearly 18 acres. The one-, two- and three-bedroom units range in size from 769 to 1,494 square feet.

Konover and its partners plan to rename the complex Ashwood Valley Apartments. The complex will be managed by Konover Residential Corp.

Institutional Property Advisors, a division of Marcus & Millichap, represented the seller.

 

 

 

 

 

 

 

 

 

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