NEW YORK CITY-Phoenix Realty Group has bought a Danbury, CT apartment complex for $27.7 million. Hillcroft at Danbury was bought in partnership with Paredim Partners. Steve Scioscia, PRG senior vice president, tells GlobeSt.com that PRG had been “trying to consummate a first deal with Paredim for some time.”

The Danbury property consist of 190 units--almost completely occupied--on 10 acres of land in northern Fairfield County. Scioscia says that it provides an affordable housing option in an area known for extreme wealth.

“We liked that property because it really offers folks a value proposition,” he says. “It’s quite nice, but not as new as some of the new construction in the area and its affordable for workforce families.”

Renovations, planned at $1 million, according to a news release announcing the sale, are planned. Scioscia says that they will focus on adding to some of the existing amenities. “We plan to refurbish the pool, bungalow, fitness center and add covered parking,” he says. The renovations are expected to be completed in 12 to 18 months.

Paredim Partners focuses on multifamily properties in Connecticut, a fact that Scioscia says made them an ideal partner for this deal. It owns and operates more than 1,200 units in the Fairfield and New Haven areas.