Norpointe Sells 164-Unit Apartment in Norwalk, CT
Yellowstone Property Group purchases Reserve41 for $48.65M
Norpointe, a partnership led by Belpoint, sold Reserve41, a 164-unit multifamily community in Norwalk, CT, for $48.65M. Yellowstone Property Group purchased the property.
Built in 1959, Reserve41 is a two-story, garden-style residential community featuring an outdoor pool, playground and park-like landscaped grounds. The property is a former co-op converted to multifamily rental apartments. Norpointe acquired the property in 2016, began a comprehensive upgrade program in 2018 and completed it in 2020. The upgrade program included a full renovation of kitchens, bathrooms, in-unit washer-dryers and lighting, as well as the complete replacement of all building systems with modern heating, central AC and new water heaters. Yellowstone is planning a multi-million dollar renovation project to deliver updated amenities and modernize the look and feel of the property.
CBRE, led by Jeff Dunne, Eric Apfel and Stuart MacKenzie, represented the seller and procured the buyer.