DANBURY, CT - Lowe Enterprises Investors (“LEI”), in joint venture with an investment client, has acquired the 374-unit 1 Kennedy Flats apartment community located in the New York Metro area. The community consists of five mid-rise (three- and four-story) buildings offering a mix of studio, one, two- and three-bedroom units along with 13 townhomes with attached garages.
Completed in 2016, 1 Kennedy Flats was the first Class-A apartment development in downtown Danbury and today is 91 percent occupied. It was built in three phases by Greystar with its joint venture partner Eagle Realty. The community features a spacious and modern 3,000-square-foot, two-level resident lounge with fireplace, library, bar seating, pool table and multiple large screen TVs. For outdoor recreation, there is a pool with sundeck and bar, firepits, grilling area and kitchen area. The fitness center provides a range of workout equipment, yoga room and a spin room with Fitness-On-Demand. Additional amenities include a pet spa, bike repair shop and a package concierge.
The bright, airy interiors boast high-quality finishes with granite countertops, tile back splashes, built-in microwaves and energy efficient appliances, with oversized windows, wood plank flooring, in-unit washer/dryers, balconies or decks and walk-in closets.
Residents enjoy easy access to the growing variety of shops and restaurants located in Downtown Danbury. The transforming downtown district is attracting a growing community of creative and tech companies to the area. Main Street’s Innovation Center, a business incubator created in 2016, has spawned successful start-up businesses such as UpDesign Media. In addition to an employment hub, Downtown Danbury offers access to higher education with Naugatuck Valley Community College expanding into downtown and Western Connecticut State University located nearby.
LEI’s acquisition team was led by Andy Sands and John Gaghan. The seller was represented by CBRE. Berkadia arranged financing for the transaction. Greystar will continue to provide property management services.
1 Kennedy Flats is the latest addition to LEI’s growing multifamily investment portfolio in select markets across the country. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.
Source: Lowe Enterprises Investors / #Apartments #Multifamily