NEW YORK, NY - Rosewood Realty Group is pleased to anounce the $53 million sale of a mixed-use complex in Norwalk, Connecticut. The sale marks yet another sizeable transaction outside of New York this year.
Since the formation of Rosewood’s National Investment Sales Team in January, the division, led by Aaron Jungreis and Jonathan Brody, has completed $382,000,000 in sales. Deals have spanned Georgia, Texas, Connecticut, and Maryland.
Aaron Jungreis represented the buyer, Sentinel Real Estate group and the seller, Avenue Realty Capital was represented by a cooperating broker.
The 145,606 SQF asset sold at a 5.25% cap rate.
Mr. Jungreis commented “This property was well maintained by Avenue Realty Capital but there is still upside remaining. Sentinel is an active buyer who recognizes good value-add deals and executed this transaction flawlessly. He added, “ Rosewood’s National Investment team currently has six new deals in contract with anticipated close in the first quarter of the new year.”
The Sheffield SoNo consists of 136 residential units and 4 commercial units as well as 230 on-site parking spaces.
Featuring 136 residences, each with generous floor plans, modern design, and stylish finishes. The Property offers a comprehensive amenities package including large meeting areas, open kitchen, gym, and free Wi-Fi in all amenity spaces. In addition, there is on-site parking, which is comprised of, 75 garaged parking spaces and 155 surface parking spaces.
The Property is located half a mile from the Metro North commuter rail station in Norwalk, allowing residents to be at Grand Central Station in New York in approximately one hour.
Mr. Brody, who co-heads the division, added “We couldn’t be more pleased with the traction and sales volume we’ve achieved this year, and we look forward to increasing market share in key states in 2021.”