CBRE completes $22.25 million sale of 163 units at Avon Place

Jeff Dunne and Christopher Leonard of CBRE's New York Institutional Group teamed with Michael Stone of CBRE New England's Hartford office to represent Equity Residential in the condo interest sale of Avon Place, 163 units of a 188-unit condominium property, to Gaia Real Estate. Avon Place traded for $22.25 million or $136,503 per unit. Avon Place includes three residential buildings situated on 46 acres, with a broad amenity package. The three residential buildings each have a central elevator and laundry facility with optional gated storage and parking of over two spaces per unit. Dunne said, "Avon Place is the second residential purchase by Gaia Real Estate in Connecticut and provides economies of scale for their operations. There are very few apartment properties located within the highly sought-after Town of Avon, and interest in the property was strong. Avon Place offers numerous value add opportunities that will provide Gaia Real Estate with long-term growth and appreciation."