Avalon Shelton, now known as Merion Riverwalk, features 250 units and is located along the Housatonic River in Shelton, CT.
SHELTON, CT—The 250-unit Avalon Shelton apartment complex here has been sold by AvalonBay Communities of Arlington, VA to Wynnewood, PA-based Merion Realty Partners.
Built in 2013, Avalon Shelton is a Class A community offering an oversized fitness center, heated pool, resident lounge, and covered structured parking with direct access to each residential floor. The pedestrian/transit centric property is located along the banks of the Housatonic River in Downtown Shelton.
No financial details of the transaction were released. The purchase is the second investment for Merion Realty Partners in Connecticut.
The CBRE team of Jeffrey Dunne, Gene Pride and Stuart MacKenzie represented the owner, AvalonBay Communities and procured the buyer.
According to Merion Realty Partners website, the property is now being marketed as Merion Riverwalk. The new ownership states that while the acquisition will provide immediate cash flow, Merion's investment strategy includes the implementation of a value-add strategy including: unit interior upgrades, clubhouse and common area refresh, LED lighting upgrades, and property amenity upgrades. Merion projects those renovations will achieve an estimated rent premium of $124 per month.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
