NEW YORK—Jeff Dunne and Christopher Leonard of CBRE’s New York institutional group and Michael Stone of CBRE New England’s Hartford office represented Equity Residential in the condo interest sale of Avon Place in Avon, Conn. to Gaia Real Estate for $22.25 million.
Situated on 46 acres, Avon Place includes three residential buildings with amenities that include a central office and clubhouse, fitness center, clubroom offering a game room and kitchen for parties, outdoor pool, full size tennis court and on-site walking trails. Each building has a central elevator and laundry facility and abundant parking.
“Avon Place is the second residential purchase by Gaia Real Estate in Connecticut and provides economies of scale for their operations,” said Dunne. “There are very few apartment properties located within the highly sought-after Town of Avon, and interest in the property was strong. Avon Place offers numerous value add opportunities that will provide Gaia Real Estate with long-term growth and appreciation.”