New Haven Register (Sunday) (New Haven, CT)
3 Norwalk apartment complexes sell for $293.5M
NORWALK — Three multiunit apartment complexes located in the city have sold for about $293.5 million.
The purchase of The Waypointe at 515 West Ave. along with The Berkeley and the Quincy Lofts at 30 Orchard St. by affiliates of New York City-based Beachwold Residential closed last week, according to officials with Cushman & Wakefield, the commercial real estate firm that arranged the deal. Invictus purchased the complexes for $226 million less than two years ago, according to the Commercial Observer trade publication.
With the acquisitions, Beachwold now has nearly two dozen apartment complexes in Connecticut, according to the company’s website. The sale of the complexes comes at a time when high-end apartment complexes with easy access to New York City have been popular with investors and people looking for flexible living space.
The complexes were sold by limited liability companies that are affiliates of a Scarsdale, N.Y. company, Invictus Real Estate Partners, a real estate private equity company. The Berkeley and Quincy Lofts are located one block apart across the street from The Waypointe.
Both The Waypointe and The Berkeley include retail space.
The Waypointe, which Invictus acquired in August 2020, has 464 high-end apartments and 56,000 square feet of retail as well as 1,025 parking spaces, according to the company’s website.
Both Waypointe and The Berkley include retail space.
The Quincy Lofts have 69 high-end apartments and space for 87 cars, according to the Invictus website. The company acquired the building in January 2021.
Invictus also bought The Berkeley in January of last year, according to the company’s web site. The complex has 129 high-end apartments and 10,00 square feet of retail as well as parking for 360 cars.
Officials with Cushman & Wakefield, Beachwold Residential and Invictus were not immediately available for comment Friday regarding the deal.