Merritt River Apartments, a 227-unit development at 399 Main Ave. in Norwalk, has been sold.

The sale price for the property was not disclosed. CBRE, which handled the transaction, identified the seller as an “institutional owner” and the buyer as “a private New Jersey investment firm.”

Built in 2002, the eight-story property includes a clubhouse, fitness center, outdoor pool, fire pits, business center and covered parking garage. Rents on the property range from $1,723 for a 710-square-foot one-bedroom apartment to $2,962 for a 1,338-square-foot three-bedroom unit.

“We are very pleased to have handled the sale of Merritt River,” said Jeffrey Dunne, vice chairman of institutional properties at CBRE. “The past series of institutional owners have maintained the property to a high standard. As a result, the buyer should do very well with the property as they can grow revenue by renovating apartments.”