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Another Connecticut Apartment Complex Trades for North of $100 Million

AJH Management's Purchase of Crown Point in Danbury the Latest Big Sale
September 5, 2018
Investors are fueling a small boom in Connecticut apartment sales.

AJH Management, a New Jersey firm that has been on a buying spree as of late, has paid $108.5 million for the Crown Point Apartments at 50 Saw Mill Rd. in Danbury, Connecticut.

The sale follows last week’s closing of the Town Walk in Hamden Hills, outside New Haven, for $136.5 million - the highest price ever paid for a single rental property in Connecticut, according to CoStar research.

That record could be short-lived, however, as CBRE is currently marketing the 500-unit, 32-story 360 State St. tower in downtown New Haven, which is expected to attract bids of $165 million, or more.

Crown Point’s sale translates into $226,000 per unit for the 466-apartment, garden-style property, which was built in two phases, in 2007 and 2011. CBRE’s investment sales team led by Jeff Dunne brokered the deal for Harbor Group International, the Norfolk, Virginia-based investment shop that had owned Crown Point since 2014.

AJH, which is based in Lakewood, New Jersey, and is headed by founder Asher Handler, already made a splash in Connecticut this summer. The firm closed on the 143-unit Park Square complex in Stamford in late August, paying $42 million, or about $293,000 per unit, for the property. CBRE brokered that deal as well.

Crown Point is a mix of one- to three-bedroom apartments.
The units have central air, walk-in closets, stainless steel appliances and wood floors. The amenities include a swimming pool, dog park, outside grilling stations and a fitness center and resident’s lounge.

For more information on the sale, please see CoStar Comp #4502970.

John Doherty, Multifamily Reporter  CoStar Group   
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