Avison Young arranges sale of Rivers Edge Portfolio in Westport, CT for Continental Finance Corp.August 4, 2022
Following an extensive redevelopment, the turn-key property serves residential and retail amenity needs for the community
Norwalk, CT – Avison Young announced today the sale of the Rivers Edge Portfolio in Westport, CT on behalf of Continental Finance Corp. for $6.35 million. The portfolio consists of two luxury rental apartment buildings and two mixed-use (retail/residential) freestanding buildings directly across the street, all situated along the Saugatuck River. The transaction reflects the high demand for multi-family housing, which continues unabated in the Westport community.
The owner, Continental Finance Corp., was represented exclusively by Avison Young’s Will Suarez, Principal, with support from the Tri-State Investment Sales team led by James Nelson.
“This transaction was a clear win-win for both parties,” said Suarez. “The buyer successfully expanded their footprint in Westport along the desirable Riverside Avenue where they purchased two properties earlier this year, while the seller exited a well-planned and timed redevelopment of the asset.”
The turn-key, mixed-use property is the result of an extensive repositioning by the seller. Two obsolete boutique office buildings were transformed into nine luxury apartments, including two affordable units to support the burgeoning demand for housing in the Westport market. The portfolio’s mixed-use component was also improved to meet the competitive demands of the modern workplace and even boasts a dock on the waterfront for small boats.
“We are pleased to exit a well-executed repositioning of office product to high-demand residential, timing the market perfectly to coincide with rising demand in Fairfield County,” said Alex Gurevich, CEO of Continental Finance Corp.
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For more information:
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- Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697