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May 3, 2024

Amid ‘strong’ multifamily demand in Fairfield County, Norwalk apartment building sells for $3.35M

Contributed 18 Fairfield Ave., Norwalk
By Hanna Snyder Gambini

A Norwalk multifamily apartment building has been sold for more than $3 million.

Fairfield 18 LLC and principal Basil Zaharias sold the building at 18 Fairfield Ave., to Alpha5MK 18 Fairfield LLC, and principal Peter Kosann of Rye, N.Y., for $3.35 million in a deal recorded April 19, according to city land records.

The three-story, 10,800-square-foot building on half-an-acre has 18 units, and was built in 1967.

Shelton-based Northeast Private Client Group Senior Associates Jeff Wright and Rich Edwards, and Associate Derek Mahabir represented the seller and procured the buyer in the deal.

Wright said the property attracted multiple, competitive buyers, with more than 20 qualified offers. The property sold above asking price in an all all-cash deal.

“Value-add multifamily demand throughout Fairfield County remains very strong,” Wright said.

The seller, who bought the property more than 15 years ago, made significant upgrades to the building, including a new roof and new windows, Northeast brokers said.


 

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