Investor interest in Fairfield County multifamily market on the rise

Norwalk, CT – Global commercial real estate advisor, Avison Young, today announced it has completed the sale of The Stonefield, a newly-constructed a 55‑unit, four‑story multifamily property located at 587 Connecticut Avenue in Norwalk, CT for $17.9 million, or $325,455 per door.

The buyer was a group of local investors completing a 1031 exchange, while the seller was a local development group, EDG Properties that built the property and has owned and operated it since its completion in 2016.

Will Suarez, Principal of Investment Sales at Avison Young, represented the seller and procured the buyer. The firm was retained on an exclusive basis to market the four‑story asset.

“We worked closely with the ownership group throughout the process, particularly as market conditions fluctuated,” Suarez said. “Ultimately, we identified a buyer who understood the long‑term value of the asset and was well positioned to execute despite pockets of uncertainty.”

The Stonefield is a newly constructed multifamily property located along Norwalk’s Connecticut Avenue corridor, with access to downtown amenities, regional employment centers, and transit options.

The transaction reflects strengthening investor activity in the Fairfield County multifamily market. First quarter 2026 multifamily sales transaction volume indicates that the sector is on track to surpass record 2023 activity, evidence that demand for both middle‑market and institutional‑scale multifamily assets has returned to Connecticut after a two-year lull.