Luxury Connecticut multi-housing building sold for $53M
JLL Capital Markets closed the sale of the transit-oriented, waterfront property in Norwalk
MORRISTOWN, N.J., December 17, 2020 – JLL Capital Markets announced today that it has closed the $53 million sale of The Sheffield SoNo, a 136-unit, luxury, transit-oriented apartment building with ground-floor office space located along the waterfront in Norwalk, Connecticut.
JLL marketed the property on behalf of the seller, Avenue Realty Capital and Spirit Investment Partners.
Completed in 2007, The Sheffield SoNo features luxury apartments with high-end finishes, including stainless steel kitchen suites, double kitchen sinks, quartz countertops, hardwood flooring, full size washer and dryer, private balconies in select units, nine-foot ceilings and direct water views from most units. Residents of the five-story building can enjoy a variety of community amenities such as a 24-hour fitness club, outdoor grilling area, resident clubhouse, heated swimming pool, ButterflyMX® Entry System, package concierge service, underground parking garage and bike storage.
The Sheffield SoNo is at 55 and 77 North Water St. in a transit-oriented location less than a mile to the South Norwalk train station, which provides access to Midtown Manhattan in 70 minutes and downtown Stamford in 15 minutes. The property is also less than half a mile from Interstate 95 and proximate to the Maritime Aquarium, one of the largest attractions in Connecticut. Additionally, the property is within walking distance to Washington Street and downtown South Norwalk, which has several award-winning restaurants, regional attractions and local and national retailers.
The JLL Capital Markets team representing the sellers was led by Senior Managing Director Jose Cruz, Senior Directors Steve Simonelli and Michael Oliver, Senior Managing Director Kevin O’Hearn, Executive Managing Director Drew Saunders and Associate Nicholas Stefans.
“We continue to see increasing demand from the investment community for well-located suburban Fairfield County properties,” Simonelli said. “The unique waterfront location and high quality of the asset were well received by both institutional and private investors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Avenue Realty Capital
Avenue Realty Capital (“ARC”) is a real estate investment firm focused on middle market multifamily and mixed-use properties throughout the New York metropolitan area of New York, New Jersey and Connecticut. ARC provides equity capital and expertise to its network of local operating partners through a flexible investment structure tailored to each transaction.
About Spirit Investment Partners
Spirit Investment Partners (“Spirit”) Spirit is a privately held multifamily investment company based in Stamford, Connecticut. Spirit has a geographically diverse portfolio with properties located in dynamic emerging neighborhoods of both established and high growth markets throughout the eastern half of the United States. Since inception, Spirit has completed over $700 million in transactions including 29 assets and 4,300 units across 11 states.