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August 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Shelton’s Avalon Huntington apartment complex sells for $33M

Avalon Huntington, a 99-unit apartment complex in Shelton, has been sold by AvalonBay Communities Inc. to Inland Real Estate Acquisitions Inc. for $33 million.

Consisting of 86 townhouse-style homes, 67 units with direct-entry garages and an overall average unit size of 1,413 square feet, Avalon Huntington is “a unique asset in the Fairfield County submarket,” according to Victor Nolletti, senior managing director leading the Northeast team of Institutional Property Advisors, which announced the sale.

Nolletti added that minor enhancements to kitchen counters, flooring and lighting will “support a value-add strategy that will enhance investment returns for new ownership.”

Nolletti and Eric Pentore, IPA’s first vice president investments, represented the seller and procured the buyer.

Based in Oak Brook, Illinois, Inland Real Estate Acquisitions assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Cos. Inc., a group of independent legal entities.