CBRE recently completed the sale of the luxury apartment community Grand Reserve Orange. Photo courtesy of CBRE
CBRE has announced the $35 million sale of Grand Reserve Orange, a 168-unit apartment community located at 45-75 Prindle Hill Rd. in Orange. The CBRE team of Jeffrey Dunne, Gene Pride, and Eric Apfel along with Simon Butler and Biria St. John represented the owner, Fairfield Grand Reserve LLC while also procuring the buyer, a private New Jersey investment firm.
Built in 2005, the Grand Reserve Orange will undergo renovations to kitchens, baths and flooring as residents in the Connecticut market continue to seek luxury apartments. The community includes a resident clubhouse/lounge with fitness center, leasing office and pool. Homes have open floorplans, gas heat and cooking, walk-in closets, full size in-home washers and dryers and 9-foot ceilings or loft apartments.
“We are pleased to have represented Fairfield Grand Reserve LLC in this sale,” Dunne said. “There was strong competition for the property as the community offers a boutique feel in a quiet setting with a strong school system. The seller managed and maintained the asset to institutional standards while the experienced buyer should do very well with the property as they can grow revenue by renovating apartments.”
“There was strong interest in this offering from both local and national investment firms creating a highly competitive sales process,” Pride said. “There is abundant capital actively pursuing high quality value add offerings throughout the I-95 corridor between New Haven and Stamford.”