IPA ARRANGES $53.3M SALE OF 268-UNIT APARTMENT COMPLEX?

DANBURY, CONN. — Institutional Property Advisors has arranged the $53.3 million sale of Avalon Valley, a 268-unit, garden-style apartment community in Danbury. The sale price equates to $199,000 per unit. Steve Witten and Victor Nolletti of IPA, along with Adam Mancinone and Blake Barbarisi of Marcus & Millichap advised the seller, AvalonBay Communities Inc. Ergs Konover/Outlook Holdings LLC purchased the property. The apartment community is situated on 17.5 acres and is located at 53 Sand Pit Road. Avalon Valley includes 11 detached three-story buildings, one of which is a clubhouse. Averaging 1,119 square feet, the apartments are equipped with in-kitchen breakfast bar, walk-in closets, energy-efficient windows, individual alarm systems, full-size washer/dryer units and a private patio or balcony area.?