Avalon Pavilions sold for $81.5M

Real Estate Weekly, August 22, 2001

Jeff Dunne, team leader of CB Richard Ellis' Tri-State Investment Team, along with Chris McManus, also of the Tri-State Investment Team, and Bill Roohan of CB Richard Ellis' Baltimore office, exclusively represented the seller in the recent sale of Avalon Pavilions in Manchester, Connecticut. The property was sold for $81,500,000 to Northland Investment Corporation based in Newton, Massachusetts.

Avalon Pavilions is a community of 932 luxury rental garden apartments on approximately 47 acres adjacent to the 963,000 square-foot Buckland Hills Mall.

The immediate area has over 1.5 million square feet of additional retail developments primarily located in four power and community centers, as well as several large freestanding stores. This is the largest concentration of shopping, restaurants and theaters in the state of Connecticut.

The confluence of highways supporting this retail base provides excellent access to major destinations throughout the region. As a result, this residential location provides a unique blend of suburban living with many of the features usually found in cosmopolitan urban settings.

"Northland has purchased a unique residential investment property that cannot be reproduced anywhere in the region.

Avalon Pavilions offers high quality apartments with an extensive amenity package on an extraordinary site in a very tight rental market." stated Dunne.

The seven-person Tri-State Investment Team, which in addition to Jeff Dunne and Chris McManus includes partner Jim Tully, specializes in the marketing of investment properties on behalf of owners in the suburban New York area and in secondary cities along the East Coast.

In 2000, the team sold 6.3 million square feet for an aggregate value of over $485 million.