🔒Local investment group buys senior-housing apartment buildings in Danbury, Norwalk for $40M

A Norwalk-based affordable housing developer and investor has acquired two senior-housing apartment buildings in Danbury and Norwalk for $39.8 million from a Boston real estate investment and development firm, according to CBRE, which represented the seller and procured the buyer in the deal. Norwalk-based Heritage Housing Inc. has bought Kimberly Place, a 10-story apartment building with 116 one-bedroom units, at 19 Main St. in Danbury; and One Leonard, a five-story family property with 53 one-bedroom units at 1 Leonard St., in Norwalk. Both properties are set aside for senior residents ages 62-plus and benefit from Section 8 housing assistance payment contracts covering all but two units. The seller of both properties was First Atlantic LLC, which bought the buildings two decades ago, according to property records. First Atlantic bought the 89,646-square-foot Danbury building, which was constructed on 1.35 acres in 1992, for $6.68 million in 2004 under the name Kimberly Danbury Limited Partnership. It is appraised at $15.3 million and assessed at $10.7 million. First Atlantic purchased the 35,780-square-foot Norwalk building, which was erected on a 0.89-acre parcel in 1977, for $2.12 million in 2002 under the name Norwalk Elderly Housing Limited Partnership, property records show. It was appraised at $11.2 million and assessed at $7.8 million in 2023. Kimberly Place has a resident lounge, fitness center, library and outdoor terrace. One Leonard has a community room and on-site laundry facilities. The seller was represented by CBRE brokers Simon Butler, Biria St. John, Jeff Dunne, Eric Apfel, Tim Flint and Taylor Froland.