Buyer Pays $152M for Danbury Apartments in Connecticut Deal

The recent sale of a major Danbury apartment complex is making waves in Connecticut’s real estate community. A 466-unit property at 50 Saw Mill Road—once called Crown Point Apartments—just changed hands for nearly $152 million, making it one of the city’s biggest real estate deals ever.

San Francisco-based buyer FPA Multifamily picked up the property near the New York border and gave it a new name: Arrive Danbury. It’s a fresh start for the development, and honestly, it feels like a sign of the times for the state’s hot multifamily housing market. This deal isn’t just about Danbury; it’s got people talking in places from Groton to Norwich.

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One of Danbury’s Most Significant Real Estate Deals

The sale of Arrive Danbury really highlights how strong the city’s housing market is right now. The complex was built in phases through 2011 and stood as one of the first residential pieces of the huge 550-acre Reserve development.

Its location near the New York border has always attracted commuters and professionals who want city access but prefer a bit of suburban calm. That’s a combo that’s tough to beat, isn’t it?

Why the Reserve Development is Driving Growth

The Reserve development has truly changed the game for Danbury. Over the past decade, big names like Toll Brothers and Summit Development have added a lot more housing to the area.

Now, the Reserve has more than 2,000 planned units, which really shakes up the local real estate scene. Danbury’s suddenly on the radar as one of Connecticut’s most in-demand housing markets.

Arrive Danbury: A Closer Look

FPA Multifamily’s new property offers luxury-style apartments with modern amenities. Rents start around $2,180 for a one-bedroom and go up to about $2,715 for a two-bedroom unit.

These prices show off both the quality of the build and how desirable Danbury has become for renters. It’s not exactly cheap, but people seem willing to pay for the right mix of comfort and location.

FPA’s Active Presence in Connecticut

This isn’t FPA’s first move in Connecticut’s multifamily scene. Earlier this year, they arranged the $54.3 million sale of ReNew Danbury, another local property.

FPA’s also been busy in other towns, picking up properties worth $121 million in places like Bristol, Groton, Norwich, and New London. They’re clearly betting big on Connecticut for the long haul.

Seller’s Strong Return Reflects Market Confidence

National Property REIT Corp. (NPRC), the seller, bought Crown Point back in 2018 for $108.5 million. NPRC—controlled by New York’s Prospect Capital Corp.—walked away with a 19% internal rate of return on the deal.

That’s a pretty impressive payoff, and it really says something about the strength of Danbury’s real estate market.

Impact on Nearby Cities and Towns

This sale hits Danbury the hardest, but the effects will ripple out to other places too. Cities like Waterbury, Stamford, Norwalk, and Hartford might see more investor interest as developers hunt for similar opportunities.

It’s not just about buying and selling, either. The trend of rebranding properties, like FPA did with Arrive Danbury and others in Middletown and southeastern Connecticut, could change what renters expect all over the state.

Why Connecticut’s Multifamily Market is Booming

Connecticut’s multifamily property market is on fire right now, and there are a few big reasons for it:

Strategic locations near New York and Boston pull in commuters.
Quality developments like Arrive Danbury offer modern amenities and flexible layouts.
Strong investment returns—just look at NPRC’s numbers.
Population trends with younger professionals searching for affordable alternatives to New York City.

Looking Ahead

Planned expansions at the Reserve are coming soon. New acquisitions are popping up in Stamford, Bristol, and New London.

Connecticut’s multifamily housing market looks set for more growth. In Danbury, the transformation of Crown Point into Arrive Danbury isn’t just a new sign out front—it’s a pretty strong hint that investors still see serious value here.

As 2024 keeps rolling, buyers, sellers, and renters are all paying attention. How will deals like this shape housing across Connecticut, from Groton’s coast to the busy streets of Hartford?

Here is the source article for this story: Buyer shells out $152 million for Danbury apartments, latest in string of CT deals

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