GDC Properties of Westchester County has bought 597 Westport, a 235-unit luxury apartment complex in Norwalk for $105.9 million.
The property was sold through a 1031 exchange, which enables an investor to sell a property, reinvest the proceeds in another property and to defer all capital gain taxes.
CBRE Group Inc. represented the seller, an affiliate of El Paso, Texas-based Hunt Investment Management, while the buyer was represented by CBRE’s debt and structured finance team. First and mezzanine financing came from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively.
Hawthorne-based GDC Properties was founded in 1994 by Samuel Ginsburg and specializes in the development, management and acquisition of residential and commercial income properties. The company traces its roots to the founding of Ginsburg Development Corp. by Samuel and Martin Ginsburg in 1964.
Built in 2009 near the Norwalk-Westport border, the 23-acre property includes a clubroom with full caterer’s kitchen, media lounge and billiards room, as well as a fitness center that opens directly to an outdoor saltwater pool with a sundeck, cabanas and outdoor kitchen. The property also includes a space that doubles as a boardroom and dining room with additional attached kitchen that is used for private resident events.