The Avalon Shelton is under new ownership.
The 250-unit riverfront apartment complex at 185 Canal St. 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, who was part of the CBRE team that facilitated the transaction. “Its location adjacent to walking paths along the Housatonic River offers residents with scenic views in a tranquil environment.”
The complex offers easy access to Route 8 and employment centers in New Haven, Stamford and Norwalk, he said.
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 was built in 2013 by Bridgeport-based developer John Guedes. The complex was followed by hundreds of other units along the strip.
AvalonBay Communities still has a presence in Connecticut, with apartment complexes in Norwalk, Stamford, Wilton, New Canaan and Stratford.
This is Merion’s first acquisition in Connecticut. The Pennsylvania investment firm, headquartered in Wynnewood, owns and manages properties nationwide with regional holdings in Massachusetts, New Hampshire and Vermont.
“Merion Realty Partners should do well with the asset as they expand their footprint in Connecticut and build on the solid operations from Avalon,” Dunne said.