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Home For Sale

Picture of Home For Sale in Avon, Connecticut, United States

$40,000,000

64 Avonwood Rd
Avon, Connecticut, United States

6bd 3ba

Listed By: Realtyww Info

Listed On: 08/03/2024

Listing ID: GL11730070 View More Details

Description

Rare opportunity to acquire 189 luxury residential units in Avon! Set across 46.6 expansive acres, this prime location is adjacent to vibrant Route-44, providing effortless access to all local amenities. Seamlessly connected to Avon Mountain, there is a direct path from Avon to West Hartford and other bustling towns, yet it maintains a tranquil, suburban ambiance. The property has: (102) 1 Bed, (78) 2 Bed and (9) 3 Bed units. Spacious layouts range from 925SF up to an impressive 1324SF, 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 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. 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 2 new, four-story buildings totaling 196 units. 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 the new 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.

For more details:

Listed by: The Cozzi Team
Source: The World Property Journal

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