A 55-unit apartment building in Norwalk has traded for $17.9 million, according to a broker.
Kranbro Management LLC, a New York limited liability company, and Harmony Hill LP, a Delaware limited partnership, purchased the four-story property at 587 Connecticut Ave., according to commercial real estate brokerage Avison Young. Will Suarez, a principal of investment sales at Avison Young, represented the seller and procured the buyer.
The seller was 587 CTA LLC, controlled by Bryan Deitz and Jason Enters, both of Darien. They bought the 67,975-square-foot building in 2015 for $2.3 million, property records show.
The building sits on 3.04 acres and was built in 2016. It is appraised at $12.5 million and assessed at $8.73 million.
Avison Young said the sale reflects increasing investor activity in Fairfield County’s multifamily market. First-quarter sales volume suggests the sector could surpass its 2023 peak, the brokerage said.
