Hunt Investment Management has closed on the disposition of 597 Westport, a 235-unit Class AA apartment community located in Norwalk, Connecticut. The buyer paid $105.9 million, or just over $450,640 per unit. CBRE’s Debt & Structured Finance team procured the buyer and mezzanine financing from The Guardian Life Insurance Company and from a pension fund client represented by Quadrant Real Estate Advisors. Built in 2009, the property’s amenity package include a clubroom with full caterer’s kitchen, media lounge, billiards room and a saltwater pool. CBRE Group represented the seller during the sale.
CBRE’s Jeffrey Dunne commented: “We are pleased to have represented Hunt Investment Management in the sale of 597 Westport. The asset has a unique market position as it is located directly on the Westport/Norwalk border and serves the affluent Westport community by offering ultra-luxury finishes. The resident base in the property contains a large percentage of second home owners and retiree’s that appreciate the connection to Westport’s highly appealing lifestyle. GDC Properties will do very well with the property given their customer focused management style which is ideally suited for this market.”
