Two apartment buildings in Norwalk changed ownership last year as housing near Connecticut's public transit lines continue to attract tenants.
The Fraioli family of Bedford Hills, New York, bought Point Rock at Oakwood and SoNo Pearl Apartments from the Rabadi family of Yonkers, New York, in an off-market deal. Both apartment complexes are considered transit-oriented developments, which means their buildings are within walking distance to a major transportation hub.
Point Rock is a 54-unit building; SoNo Pearl has 66 ("SoNo" is an abbreviation of South Norwalk, the neighborhood where the Pearl stands).
Connecticut, particularly the western part of the state, is home to many commuters who work in New York City but want a suburban lifestyle. Living in Connecticut becomes more attractive and cost efficient if the state can offer housing near transportation that ferries people to the Big Apple and back, government officials and labor economists have said.
A September 2025 study from the Regional Plan Association suggested that building more transit-oriented developments "can help create a more sustainable and vibrant Connecticut." The study found that nearly half of Connecticut’s housing stock is located near a transit stop, but much of it sits in areas without enough residents or ridership to sustain the service. The state has a population of 3.4 million, but only about 1.5 million live near public transit.
The Fraioli acquisition of both transit-oriented developments was so noteworthy that it earned a 2026 CoStar Impact Award, as selected by an independent panel of local industry professionals.
About the project: The Westchester family acquired the two apartment buildings for $41.4 million on June 2, 2025.
Built in 2015, Point Rock at Oakwood offers one- or two-bedroom units, according to CoStar data. The four-story pet-friendly building gives residents access to amenities that include a fitness center, a dry-cleaning room and a wireless-internet lounge. It is about a six-minute walk to Merritt 7 Station on the commuter rail.
SoNo Pearl features one- and two-bedroom units in a five-story building that's within walking distance to a movie theater, aquarium and dozens of restaurants. South Norwalk Station is roughly an eight-minute walk.
The apartment buildings have 229 surface-level parking spaces combined.
What the judges said: "I feel that Point Rock and SoNo Pearl are indicative of the transition we are seeing in Norwalk to more urban living near transit and retail," Jonathan Gordon, Admiral Real Estate Services CEO, said.
"Although this was the smaller of the two nominations, again, the impact I believe was greater on the community — especially, because of the walkability to the South Norwalk train station and the other surrounding amenities," Carl Russell, senior commercial broker at H. Pearce, said.
They made it happen: Alex Frants, senior director at Highcap Group, served as the listing broker.
CoStar Market Manager Jay Grant contributed.