Cornerstone Grabs 368-Unit M-F Community in Stamford, Conn.
- Oct 02, 2014
Cornerstone Apartments Property Owner L.L.C. has acquired Cornerstone at Bedford, a 368-unit, 13-story apartment community in Stamford, Conn., for $75.1 million from Fairfield Bedford L.L.C.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.
“Stamford and Fairfield County (part of the New York MSA) in general are highly desirable markets for multi-family investment, offering stable returns and long term growth outpacing any other area in the region,” Steve Witten, IPA’s executive director, told Commercial Property Executive. “The appeal of the property is it’s a moderate (capital) dollar, value-add opportunity trading for a fraction of the core and core plus trades in the immediate market.”
Located at 1425-1435 Bedford St. in downtown Stamford, Cornerstone at Bedford sits just a few blocks from the core central business district, shopping and restaurants and offers a variety of recently renovated apartment homes, many with impressive views of the Long Island Sound.
Originally constructed in 1963 on 4.6 acres, the property offers studios, one-, two- and three-bedroom apartments in its two “Y”-shaped buildings, which join to form a central courtyard area with secure gated garage parking. Units feature plentiful closet space, large private balconies and several contain stainless steel appliances. Amenities include a swimming pool with a sundeck, a fitness center, clubroom, business center, play area and barbecue space.
According to Witten, the property is very well located and will provide the new owner with an opportunity to add value in a strong residential rental market. Since 2010, more than 12 corporations have relocated to the city, attracting lifestyle renters, particularly millennials.
“The property is a true, transit-oriented core location within walking distance of the Metro North railroad system to midtown Manhattan or New Haven as well as all major employers in the Stamford, CBD,” he added.