A multifamily property in Shelton has been sold for $24.3 million to a New York real estate investment firm that has been active in Connecticut.
The 99-unit Huntington Townhomes complex at 100 Avalon Drive was sold earlier this month by Illinois-based SW Connecticut Multifamily Exchange LLC, an affiliate of Inland Private Capital Corp., to Huntington Townhomes Owner LLC and principal Gideon Z. Friedman of New York, according to city and state records.
Friedman is CEO of Beachwold Residential, which has a 15,000-unit apartment national portfolio, according to its website. Since 2010, Friedman and partners have developed or acquired more than $3 billion in multifamily properties across the eastern and central U.S., including Connecticut, New York, New Jersey, Florida and Texas, according to the company’s website.
Beachwold manages several hundred units in Connecticut, including a New Haven high-rise property at 360 State St., the 250-unit Heirloom Flats in Bloomfield, and 168 units in The Pointe at Dorset Crossing in Simsbury.
The Shelton property contains seven buildings, each three stories tall, with two- and three-bedroom apartment and townhouse units ranging in size from 1,200 to 1,800 square feet.
The 140,000-square-foot complex sits on seven acres and features a pool and fitness center. Rents for the units range from $2,000 to $3,600 a month.
The property has a total appraised value of nearly $26.4 million, according to city records.
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