Avalon Norwalk listed 311 apartments at the time of the sale to Living Emerald, which marked its Connecticut entry with the deal. For move-in dates in October and beyond, Apartment.com lists monthly rents for available units at The Confluence at Norwalk ranging between $2,150 and $2,820.
AvalonBay has sold off multiple Connecticut properties the past few years, including in December 2020 when Clarion Partners spent $35 million for what is known now as White Oaks at Wilton.
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Living Emerald was formed in 2018 in Lakewood, N.J. by CEO Gary Kassirer. The firm has nine large apartment buildings in New Jersey, New York City, Dallas and St. Louis, Mo., along with more than 60 smaller apartments in the Bronx section of New York City that add up to 1,800 units.
A company representative declined to comment on the purchase of the Norwalk apartments and its outlook.
The pandemic triggered a housing boom in Connecticut, as New York City renters and condo owners moved to the suburbs as their employers signaled a willingness to keep remote working arrangements in place.
The renewed interest did not derail AvalonBay from cashing out of the Norwalk building, with its CEO telling investment analysts in July it expects urban apartment life to rebound as office employers edge closer to pre-pandemic norms. But he added that AvalonBay rents nationwide are 8 percent higher today on average than at its previous peak in 2019, and noted development blueprints for future projects in the suburban New York City region.
“From my perspective, COVID’s not really changing our view of the markets — these markets are really formed by how we think they’re going to perform over the next 20 to 30 years,” AvalonBay CEO Tim Naughton said in July.aside">