CBRE BROKERS $124M SALE OF AVALON WALK
HAMDEN, CONN. — Pleasantville, N.Y.-based Baker Properties Limited Partnership has acquired Avalon Walk in Hamden from Washington, D.C.-based AvalonBay Communities for $124 million.
The multifamily community features 764 units and offers one-, two-, and three-bedroom floor plans. Located at 100 Town Walk Dr. in New Haven County, the property is situated on 44.9 acres and recently received a $10.3 million interior renovation. Amenities include two heated swimming pools, basketball and tennis courts, and fitness facilities.
Jeffrey Dunne, Patrick Bisceglia and Todd Newman of CB Richard Ellis’ New York Institutional Group collaborated with William Roohan of CBRE’s Baltimore office to represent the seller and procure the buyer in the transaction. Maury Zanoff and Mike Sherman of CBRE Melody secured long-term, fixed-rate financing in the amount of $95 million with Fannie Mae, which provided Baker with debt certainty.
“Baker has acquired a trophy residential asset with strong in-place cash flow and upside potential through future rent growth in the market,” says Jeffrey Dunne with CB Richard Ellis’ New York Institutional Group. “They should enjoy solid returns as there is limited new supply planned in this market.”