Kennedy Flats, a 374-unit luxury apartment complex in downtown Danbury, has been acquired by Lowe Enterprises Investors and an unnamed investment client. Greystar, which developed the project, was the seller and will remain as the property manager.

“Danbury is white hot right now in the apartment market,” Danbury Mayor Mark Boughton said.

The deal closed on Thursday and terms of the sale were not released.

Boughton said the seven-year tax deferral granted to Greystar has five years remaining and will not reset under new ownership.

Completed in 2016, 1 Kennedy Flats was the first Class-A apartment development in downtown Danbury and is 91 percent occupied.

The complex consists of five mid-rise buildings with a mix of studio, one-, two- and three-bedroom units, as well as 13 townhomes with attached garages. Community amenities include a pool, sundeck, fire pits, grills, workout room, pet spa and two-level resident lounge with fireplace, library, bar seating, pool table and multiple large screen TVs.

The sale of Kennedy Flats continues a trend of large apartment complexes being sold and rebranded in Danbury. In the last two years, Willow Grove sold for $31.25 million, Hillcroft at Danbury sold for $32.25 million, and Avalon Danbury sold for $52 million.

Kennedy Flats is seen as a critical component in the transformation of Danbury’s downtown area, which has seen three coffee shops, multiple retail locations and a Naugatuck Valley Community College branch open in the last two years.

Danbury-based developer Daniel Bertram of BRT Corp. has submitted plans to build a 150-unit apartment complex across the street from 1 Kennedy Flats on the site of The News-Times headquarters building.

Kennedy Flats went on the market in early 2017, shortly after Greystar completed construction. Greystar’s former senior director of development for New England, Daniel Lee, at the time said selling a property shortly after it is built, but continuing to manage the property, is a business strategy the company often employs.

Lowe Enterprises Investors is a real estate investment management firm based in Los Angeles. Since its founding in 1972, Lowe has acquired, developed or managed more than $29 billion of real estate assets.

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