Apartment

Norwalk apartment building gets new name after $ 103 million sale

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NORWALK – The city’s second-tallest apartment building in the city’s historic downtown has been renamed The Confluence at Norwalk, after its original developer moved over to a New Jersey-based new owner in the spring.

Located on Belden Avenue a few blocks north of Wall Street, Avalon Norwalk was built in 2010 by AvalonBay, as part of a decade-long Connecticut apartment boom by the Arlington, Virginia-based giant. The building helped anchor a revival of the city’s historic core which included the Head of the Harbor Apartments and the Wall Street Theater.

Avalon Norwalk listed 311 apartments at the time of sale to Living Emerald, which marked its entry into Connecticut with the deal. For move-in dates in October and beyond, Apartment.com lists monthly rents for units available at The Confluence in Norwalk ranging from $ 2,150 to $ 2,820.

AvalonBay has sold several Connecticut properties in recent years, including in December 2020 when Clarion Partners spent $ 35 million on what is now known as White Oaks in Wilton.

Living Emerald was formed in 2018 in Lakewood, NJ by CEO Gary Kassirer. The company owns nine large apartment buildings in New Jersey, New York, Dallas and St. Louis, Missouri, as well as more than 60 smaller apartments in the Bronx section of New York totaling 1,800 units.

A representative for the company declined to comment on the purchase of the Norwalk apartments and its prospects.

The pandemic has sparked a housing boom in Connecticut, as New York City renters and condo owners moved to the suburbs as their employers signaled their willingness to maintain remote work arrangements in square.

The surge in interest hasn’t stopped AvalonBay from taking money out of the Norwalk building, with its CEO telling investment analysts in July that he expects city apartment life to rebound at as office employers move closer to pre-pandemic standards. But he added that AvalonBay’s nationwide rents are now on average 8% higher than their previous peak in 2019, and noted development plans for future projects in the suburban area. from New York.

“From my perspective, COVID doesn’t really change our view of markets – those markets are really shaped by how we think they’re going to behave over the next 20 to 30 years,” said the CEO of AvalonBay, Tim Naughton, in July.

In August, AvalonBay reported a gain of $ 48.9 million on the sale of Avalon Norwalk, including the sale transaction and rental income over the years offset by construction and operating costs. . The sale left the company with four more Connecticut resorts bearing the Avalon name, in East Norwalk, Darien, New Canaan and Wilton.

Other apartment complexes have changed hands recently, including last year at Norwalk where Carmel Partners sold to Invictus Real Estate Partners The Waypointe, a 464 unit building on West Avenue with a retail yard and important restaurant. City records show the deal is worth $ 157 million.

Invictus followed up on the deal earlier this year with the $ 70 million tandem purchase of the adjacent Berkeley and Quincy Lofts apartment buildings, which total nearly 200 units. The Berkeley, Waypointe, and Quincy Lofts buildings are located a few blocks from Interstate 95 and The SoNo Collection mall just beyond.

The city’s planning and zoning department is evaluating the approval of The Pinnacle, which would be built adjacent to The Waypointe with nearly 400 apartments.

[email protected]; 203-842-2545; @casoulman

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