CBRE sells Avalon Shelton complex
Avalon Shelton, a luxury apartment community on Canal Street, has been sold.
The riverfront, 250-unit apartment complex at 185 Canal Street was purchased by Pennsylvania-based Merion Realty Partners for an undisclosed amount, according to a Monday announcement made by CBRE. The commercial real estate agency represented the former owner, AvalonBay Communities, while also securing a buyer.
“We are pleased to have represented Avalon in the sale of Avalon Shelton. This is a very unique asset,” said CBRE’s Jeff Dunne. “It’s location adjacent to walking paths along the Housatonic River offers residents with scenic views in a tranquil environment. At the same time, access to Route 8 is within only a couple minutes of the Property, providing convenient access to the employment centers of New Haven, Stamford and Norwalk. Merion Realty Partners should do well with the asset as they expand their footprint in Connecticut and build on the solid operations from Avalon.”
The Avalon was one of the first apartment complexes built as part of the Shelton Riverfront Master Plan, which called for construction of 650 units along Canal Street facing the river either by converting old industrial buildings or through new construction.
The mid-rise luxury apartment walls built in 2013 by Bridgeport-based developer John Guedes.
Built in 2013, Avalon Shelton is a highly amenitized Class A community offering an oversized fitness center, heated pool, resident lounge, and covered structured parking with direct access to each residential floor. The pedestrian/transit centric property is located along the banks of the Housatonic River in downtown Shelton with easy access to numerous restaurants.