Two Norwalk apartment buildings housing 120 units sell for $41.4M
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Sono Pearl, a 66-unit apartment building, at 101 Washington St., in Norwalk.
Two high-end apartment buildings in Norwalk that house a total of 120 units have exchanged hands in one deal for $41.4 million, according to the listing broker.
New York-based Highcap Group Brokers announced that the Fraioli family, of Bedford Hills, New York, has bought Point Rock, a 54-unit apartment building at 34 Oakwood Ave., and Sono Pearl, a 66-unit building at 101 Washington St., from the Rabadi family, of Yonkers, New York.
Point Rock, which has 100 parking spaces and was built in 2015, has approved plans for 14 more units and holds expansion potential for up to 108 total units. The building, which was constructed in 2015 and contains 71,955 square feet across four stories, was appraised at $18.5 million and assessed at $13 million, according to property records.
Sono Pearl was built in 2016 and consists of 66 units with 129 valet parking spaces. The structure, which contains 60,731 square feet of space across five stories, was appraised at $21.2 million and assessed at $14.9 million in 2023.
“Both assets are fully stabilized, with tenant-paid utilities and minimal operational risk, making this a rare opportunity to acquire high-performing, growth-ready multifamily properties in a thriving coastal city,” Highcap Group said.
Alex Frants, Highcap Group’s senior director, brokered the transaction.
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