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NORWALK, CONN. — Spirit Bascom Ventures, along with a private investor group, has purchased Jefferson at 55/77 Water, a Class A, mixed-use property in South Norwalk, for $43.2 million. The asset includes 136 apartment units and 28,175 square feet of ground-floor retail. The retail space is home to the U.S. headquarters of Virgin Atlantic Airlines and Kayak.com.
Each apartment unit includes floor-to-ceiling windows, stainless steel appliances, a washer and dryer, plus balconies overlooking the Norwalk River. The buyers plan to upgrade the property, which was built in 2007, with contemporary design elements, as well as services and amenities not currently offered.
The property is within walking distance to the South Norwalk retail and restaurant district, in addition to the South Norwalk MTA Station, providing easy access to Manhattan.
In 2007, Jefferson at 55/77 Water was acquired for $51 million and was subsequently foreclosed upon by its mezzanine lender.
Richard Horowitz of Cooper-Horowitz arranged the acquisition financing.
Spirit Bascom Ventures is a joint venture between New York-based Spirit Investment Partners and Irvine, Calif.-based The Bascom Group. The joint venture was formed to acquire distressed and value-added multifamily assets in the Northeast, Southeast and Midwest.