Acquires Merion Riverwalk

Merion Riverwalk is a 250 unit Class A apartment community located along the Housatonic River in Shelton, Connecticut. Shelton has seen steady redevelopment over the past 15 years, including a re-birth of the main retail corridor and a diverse offering of new housing stock. Merion Riverwalk affords residents convenient access to New Haven, Stamford, Bridgeport, Shelton’s office and retail center, and the Derby Metro North transportation station. Built in 2013, the community consists of one building wrapped around a four level parking structure. It sits high upon the bank of the Housatonic River, providing excellent views and access to a walking path along the river. While this investment will provide immediate cash flow, Merion’s investment strategy includes the implementation of a value add strategy including: unit interior upgrades, clubhouse and common area refresh, LED lighting upgrades, and property amenity upgrades. Merion projects these renovations will achieve an estimated rent premium of $124 per month. This is the second Connecticut investment for Merion Realty Partners.