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Hillcroft At Danbury Apartment Complex Sold For $32.25 Million

Hillcroft at Hillcroft at Danbury, a 192-apartment home community in Danbury, Conn., has sold for $32.25 million to Timberline Real Estate Ventures.
Hillcroft at Hillcroft at Danbury, a 192-apartment home community in Danbury, Conn., has sold for $32.25 million to Timberline Real Estate Ventures. Photo Credit: ForRent.com

DANBURY, Conn. -- Hillcroft at Danbury apartment complex on Clapboard Ridge Road sold for $32.25, according to Institutional Property Advisors, a division of Marcus & Millichap, which represented the buyer and the seller.

The $32.25 million sales price equates to just under $168,000 per unit.

The new owners are Timberline Real Estate Ventures.

The property's amenities include a clubhouse, fitness center, community room, pool and playground.

“Danbury has solid historic occupancy and effective rent growth,” said Steve Witten, an executive director of IPA in the Northeast and Florida.

“The city attracts lifestyle renters, renters-by-choice and young professionals and provides them with urban and suburban lifestyles at significantly less cost than comparable rental housing options in the Stamford-Norwalk metro and Westchester County.”

The community is located at 10 Clapboard Ridge Road. Local employers include Boehringer Ingelheim Corp., Danbury Hospital, Pitney Bowes, UTC, Duracell Inc., GE, Lowe’s and the Danbury Fair Mall.

“The property is a value-add investment opportunity with large, well-designed apartment homes and stunning vistas overlooking Ridgewood Country Club just minutes from the Richter Park Golf Course,” says Victor Nolletti, an executive director who heads the Northeast for the IPA Northeast and Florida team.

Nolletti and Witten, along with Eric Pentore, an IPA associate, and Wes Klockner of Marcus & Millichap’s New Haven office, represented the seller, Par Hillcroft LLC, and procured the buyer, Timberline Real Estate Ventures LLC.

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