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November 15, 2024

104-unit New Canaan apartment complex sells for $74.6M; in a twist, town housing authority is buyer

Costar 106 Lakeside Ave., New Canaan
By Michael Puffer

Virginia-based multifamily developer Avalon Bay Communities recently sold a 104-unit, luxury apartment complex to the New Canaan Housing Authority.

In a deed recorded Oct. 30, Avalon sold the 23-year-old, 10-building complex on 9.1 acres at 106 Lakeview Ave., to a limited liability company controlled by the housing authority.

Housing Authority Chairman Scott Hobbs told the NewCanaanite.com website that the vast majority of units will continue to rent at market rates, and will be managed by Greystar.

As units become vacant, the housing authority will convert 21 into “workforce housing,” for households earning 80% of the area median income, Hobbs told the NewCanaanite.com.

The move is intended to help the municipality meet the 10% affordable housing stock quota required by state law. Communities that do not meet that threshold can face development proposals not subject to local zoning restrictions. 

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