WILTON and SHELTON, Conn. — Avison Young has arranged the sale of a 3.8-acre site in Wilton and an 8-acre site in Shelton, both located in southwest Connecticut and both approved for seniors housing developments, for $8.8 million.
In the first transaction, Sean McDonnell and Alison Luisi arranged the $5 million sale of the Wilton site. Young’s Nurseries Inc. sold the property to Sunrise Senior Living, which plans to build a 90-unit assisted living and memory care community on the property.
In the second transaction, Sean Cahill and Luisi arranged the $3.8 million sale of the Shelton site. Hawk’s Ridge of Shelton LLC sold the property to Shelter Development, which plans to build a 160-unit independent living, assisted living and memory care community. Once completed, Brightview Senior Living will operate the property.
“With the 65 and older population estimated to grow by 57 percent between 2010 and 2040 according to Connecticut’s Legislative Commission on Aging report, and this demographic currently making up more than 20 percent of the overall Connecticut population, there is a large demand for assisted living and memory care development throughout Fairfield County and the surrounding region,” says Luisi. “We expect this appetite for new development in this sector to continue to grow as long as developers and operators are able to find sites that allow for the density they need.”