A 100-unit apartment complex on well-traveled Route 7 in Wilton has traded for $41.5 million, according to the buyer.
CT Realty Trust, a Fairfield-based multifamily housing developer with 13 properties statewide, purchased White Oaks at Wilton at 116 Danbury Road. CEO Bard Kligerman said the company plans to hold the property long term and make selective cosmetic and common-area upgrades.
“The White Oaks is a little ‘tired,’ having been constructed in 2011 with limited updates since,” he told the Hartford Business Journal.
The seller is REIF III Danbury Road LLC, controlled by James Dean of New York, according to property records. It bought the property for $34.8 million in 2020.
CBRE brokers representing the seller include Jeffrey Dunne, Eric Apfel, Stuart MacKenzie and Travis Langer. LaSalle Investment Management served as REIF III’s advisor in the deal, CBRE said.
Built in 2011 on 10.6 acres, White Oaks consists of seven three-story apartment buildings, a clubhouse with a pool and fitness center, and outdoor recreation space. It is appraised at $40.9 million and assessed at $28.6 million.
Earlier this year, CT Realty Trust purchased a 42.1-acre vacant piece of land in Milford for $1.5 million from AvalonBay Communities Inc., with plans to build a 160-unit housing complex on the site. It is building 58 duplexes in East Granby.