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Avison Young arranges sale of Rivers Edge Portfolio in Westport, CT for Continental Finance Corp.

Avison Young arranges sale of Rivers Edge Portfolio in Westport, CT for Continental Finance Corp. August 4, 2022

Following an extensive redevelopment, the turn-key property serves residential and retail amenity needs for the community

Norwalk, CT – Avison Young announced today the sale of the Rivers Edge Portfolio in Westport, CT on behalf of Continental Finance Corp. for $6.35 million. The portfolio consists of two luxury rental apartment buildings and two mixed-use (retail/residential) freestanding buildings directly across the street, all situated along the Saugatuck River.  The transaction reflects the high demand for multi-family housing, which continues unabated in the Westport community.

The owner, Continental Finance Corp., was represented exclusively by Avison Young’s Will Suarez, Principal, with support from the Tri-State Investment Sales team led by James Nelson.

“This transaction was a clear win-win for both parties,” said Suarez. “The buyer successfully expanded their footprint in Westport along the desirable Riverside Avenue where they purchased two properties earlier this year, while the seller exited a well-planned and timed redevelopment of the asset.”

The turn-key, mixed-use property is the result of an extensive repositioning by the seller.  Two obsolete boutique office buildings were transformed into nine luxury apartments, including two affordable units to support the burgeoning demand for housing in the Westport market. The portfolio’s mixed-use component was also improved to meet the competitive demands of the modern workplace and even boasts a dock on the waterfront for small boats.

“We are pleased to exit a well-executed repositioning of office product to high-demand residential, timing the market perfectly to coincide with rising demand in Fairfield County,” said Alex Gurevich, CEO of Continental Finance Corp. 

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

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Media contact:

  • Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697

Business Development:

  • Sean Cahill, Principal & Managing Director, Fairfield/Westchester: +1.203.614.1264
  • Will Suarez, Principal, Fairfield/Westchester: +1.203.658.6598