Avon Woods Apartment Homes 64 Avonwood Rd

The Lisa Cozzi Team is thrilled to be the exclusive broker for this unique opportunity to acquire 189 luxury residential units in Avon, CT -- a Class A town that is consistently ranked among the wealthiest and best towns to live in the state of CT and boasts several impressive landmarks including private boarding school & day school, Avon Old Farms.
Set across 46.6 expansive acres, this prime location is adjacent to vibrant Route-44, providing effortless access to all local amenities.
The current 189 units are comprised of: (102) One-Bedroom, (78) Two-Bedroom and (9) Three-Bedroom residences. Spacious layouts range from 925 sq ft up to an impressive 1,324 sq ft, each featuring a private balcony or patio. The asset is at 92% Occupancy Currently. Originally built In 1977, these three-story assets are undergoing extensive upgrades to both units and common area upgrades (~80 units renovated and $3.5M invested into buildings). Residents enjoy exclusive amenities such as a swimming pool with cabana and sun deck, two tennis courts, picnic areas and scenic walking trails enriching their lifestyle experience at Avon Woods. These units are poised to command premium rental rates, reflecting the strong demand for upscale living In this affluent area.
This unparalleled opportunity is set to establish one of the most distinguished luxury communities in the area, offering exceptional residences and premier amenities in a highly-coveted suburban area. This opportunity not only promises residents a beautiful lifestyle home, but also proves to be a solid investment opportunity in a market constrained by limited new rental construction.
There is also an option for an expansion package for an additional $12,000,000. This opportunity includes approved plans for a 250 unit expansion including two new, four-story buildings totaling 196 units, featuring (106) One-Bedroom, (78) Two-Bedroom, and (12) Three-Bedroom residences. Additionally, the expansion introduces townhome-style units: (14) One Bedroom, (14) Two Bedroom, and (26) Three Bedroom, providing residents with a variety of housing options tailored to modern lifestyles. Enhanced amenities will feature a new pool and clubhouse, expansive patio and pavilion, basketball courts, picnic areas, grilling stations, walking trails, and ample outdoor parking for residents and guests. 20% of these units will meet Affordable Housing requirements and the enhancement will result in ~$75/mth rent increase for current tenants due to amenity upgrade. The current owner/team is open to staying on to manage and execute this expansion project.