A 92-unit apartment community located in Norwalk, Connecticut has been purchased by The Silverman Group for $19.5 million as part of a 1031 Exchange. Built in 1991 the building has underground garage parking and quick access to I-95 and the Route 1 retail, restaurant and entertainment district. CBRE’s Jeffrey Dunne, Gene Pride and Travis Langer represented an institutional owner in the sale. “The interest in Riverview Apartments was very strong given the upside to grow rents through a unit renovation program, coupled with its proximity to I-95, Darien, Stamford and New Canaan. We expect new ownership will fare well with their planned renovation program,” said CBRE’s Jeffrey Dunne.
