Wilton apartment complex sold for $35 million price tag
Clarion Partners is purchasing the Avalon Wilton on Danbury Road apartment complex, with broker CBRE announcing the sale price at nearly $34.8 million.
The complex is being renamed White Oaks at Wilton, with the Avalon sign still out front as of Monday.
Built in 2011 at 116 Danbury Road and featuring a community pool, the 100-unit complex had been denied in 2003 by Wilton’s planning and zoning commission with AvalonBay obtaining a reversal of that decision in court. The town appraised the complex at $31 million in 2018, with AvalonBay Communities estimating its total construction costs at $30 million.
It was the third Connecticut complex AvalonBay has sold in the span of just over a year, fetching $64.8 million last January for the 250-unit Avalon Shelton, and $105 million months before that for the AVA Stamford which has just over 300 units.
AvalonBay’s remaining Connecticut apartment properties include Avalon Wilton on River Road, Avalon Norwalk, Avalon East Norwalk, Eaves Stamford and Avalon Stratford.
In October, an AvalonBay executive indicated the company has continued interest in developing new properties in the Northeast, anticipating continued demand from people looking to move out of large cities as a result of the COVID-19 pandemic.
“The deals that are more likely to start sooner are going to be some of these suburban Northeastern deals, where you saw some of those lease-ups are actually beating their (expectations) pretty significantly,” said Matt Birenbaum, chief investment officer for AvalonBay, speaking in late October on a conference call. “Some of those locations are benefiting from some of the out-migration from some of the urban submarkets.”