Dealmaker: CBRE Arranges Sale of Affordable Portfolio in Connecticut for $39.8M

(Image courtesy of CBRE)

CBRE, Dallas, announced the sale of Kimberly Place in Danbury, Conn., and One Leonard in Norwalk, Conn., for $39.8 million.

CBRE–led by Simon Butler, Biria St. John, Jeff Dunne, Eric Apfel, Tim Flint and Taylor Froland–represented the seller, an affiliate of First Atlantic, and procured the buyer, an affiliate of Heritage Housing Inc.

Kimberly Place features 116 units and One Leonard has 53 units. Both are set aside for senior residents over 62 and benefit from Section 8 HAP contracts covering virtually all units.

“We are pleased to have represented the seller of this portfolio and procured the buyer,” St. John said. “First Atlantic has been a great steward of these assets over the years, ensuring that they continue to meet the needs of Danbury and Norwalk’s elderly residents. We are also pleased to have found Heritage Housing Inc., who plans to invest significant capital to upgrade the living experience for the residents and preserve the affordability for years to come.”