Crown Point Apartment complex sells for $108M
Crown Point Apartments, a 466-unit complex on Danbury’s west side, has sold for $108.5 million, it was announced Wednesday by commercial real estate firm CBRE.
The sale accounted for $813,750 in conveyance tax for the state and $271,250 for the city. The seller was Harbor Group International, or HGI, and, according to documents filed in Danbury City Hall, the buyer was Crown Pointe Sep, LLC.
The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel represented the buyer and seller.
“Crown Point is an exceptional asset with a strong history of rental growth due to HGI’s efficient, hands-on management,” Dunne said. “The Danbury market has had a history of strong occupancy, even with the 800-plus new apartments that were delivered over the past three years.
“The buyer can build on this solid base of high occupancy by modernizing apartment interiors and generating additional revenue, as renters in Fairfield County typically pay a premium for updated interiors,” he added.
Crown Point was built in two phases in 2007 and 2011. It includes amenities such as two clubhouses, each with a swimming pool and fitness center.
It was the latest in a string of large apartment complex sales in Danbury. In May, 1 Kennedy Flats sold for over $86 million. Also in the last two years, Avalon Danbury sold for $52 million, Hillcroft at Danbury sold for $32.25 million, and Willow Grove sold for $31.25 million.
“Danbury is white hot right now in the apartment market,” Danbury Mayor Mark Boughton said following the sale of Kennedy Flats.
CBRE is also marketing for sale Stamford Corners, a 195-apartment community in Stamford, and 360 State, a 500-apartment community in New Haven.