A pair of New York investors has paid $27.65 million for a192-unit garden apartment complex in Danbury, authorities say.
Phoenix Realty Group (PRG) of New York City and Paredim Partners of White Plains said Tuesday they bought Hillcroft at Danbury, an apartment community on 10 acres at 10 Clapboard Ridge Road, adjacent to Interstate 84. The seller was not identified.
The renovated property is almost fully occupied and serves young families and professionals who commute into Fairfield County, central Connecticut and Westchester County, N.Y.
The partners say they plan to spend another $1 million over the next 12 to 18 months on landscaping, open spaces, apartment finishes, expansion of the fitness center, and addition of covered parking.
Hillcroft at Danbury offers a combination of studio, one, two and three-bedroom units in three-story walk-up buildings.
 “We are investing in a well-located, high-quality asset with great upside potential,” explained Edward Ratinoff, PRG’s managing director of national acquisitions.
Paredim owns and operates more than 1,200 units in the Fairfield and New Haven County markets.
PRG’s runs an institutional real estate fund that already has invested in some 2,000 apartments across Connecticut, New York and New Jersey.
Hillcroft at Danbury offers a combination of studio, one, two and three-bedroom units in eight, three-story walk-up buildings.
