64 Avonwood Rd Avon, CT 06001

Property Details for 64 Avonwood Rd

Year built

1977

Property size

99,713 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a rare chance to acquire a 189-unit Class A multifamily property in Avon, Connecticut. Situated on 46.6 acres adjacent to Route 44, this three-building complex offers 99,713 square feet of living space, boasting a mix of 102 one-bedroom, 78 two-bedroom, and 9 three-bedroom units ranging from 925 to 1324 square feet. Currently operating at 92% occupancy, the property underwent extensive renovations in 2024, including approximately 80 units and common area upgrades, totaling $3.5 million in investment. Residents enjoy amenities such as a swimming pool, tennis courts, picnic areas, and walking trails. Priced at $40,000,000 ($401.15/sq ft and $211,640.21/unit), this property also includes approved plans for a 250-unit expansion, adding two four-story buildings with enhanced amenities, including a new pool and clubhouse. The expansion, priced at an additional $12,000,000, will incorporate 20% affordable housing units and is projected to increase current tenant rent by approximately $75 per month due to the amenity upgrades. The current ownership team is open to managing the expansion project. The property features 394 parking spaces and is located at 64 Avonwood Rd, Avon, CT 06001.