Fairfield County Apartment Building Sells for $17.9M

0:00It's May 1st, I'm Cory with the story. This is Hartford News today, driven by AI. A 55-unit apartment building in Norwalk just sold for $17.9 million, marking a huge flip for the sellers. Cranbro management from New York and Harmony Hill, from Delaware, snapped it up at $587 Connecticut Avenue. The sellers, a Darian-based outfit run by Brian Dietz and Jason Inters, originally grabbed the spot back in 2015 for just $2.3 million. Avison Young broke at the deal with their principal Will Suarez, wrapping the sellers and lining up the buyers. This four-story property sits on 3.04 acres, was built in 2016, and packed 67,975 square feet. Local investors are buzzing because this sale shows Fairfield County's multifamily scene heating up fast. The buildings are praised at $12.5 million, and assessed at $8.73 million, but the price type blew past those numbers.

1:01First quarter sales data points to the market, potentially topping its 2023 highs, drawing more big players to the area. Deals like this signal investor confidence is rising, setting the stage for even hotter action in Connecticut real estate down the line.