$24.5 Million Luxury Multifamily Asset Sold by IPA
STAMFORD, Conn., Nov. 6, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Bedford Hall Apartments, an 82-unit luxury apartment property in downtown Stamford, Connecticut. The sales price is $24.5 million.
“Bedford Hall Apartments has a unique core location on Bedford Street just blocks from all of the neighborhood’s major trendy restaurants and bars,” says Victor Nolletti, senior managing director leading IPA’s Northeast team. “The property provides residents with an ideal combination of easy access to urban lifestyle attractions and a quiet living environment,” Nolletti adds. “Our deep relationships with high net-worth private clients and niche institutional investors created just the right exposure for this asset.”
Nolletti and Eric Pentore, first vice president investments, represented the seller, TR Eastview LLC, and procured the buyer, Navarino Acquisitions LLC.
The six-story property is located at 545 Bedford St. in Stamford, within one mile of the Stamford Transportation Center, the busiest stop on the Metro-North New Haven line, the busiest rail line in the nation. Three movie theaters, a live performance venue, five hotels, public parks, more than 150 shops and the 722,000-square-foot Stamford Town Center regional mall are within walking distance. Stamford is home to some of the world’s largest financial firms.
Bedford Hall Apartments’ unit mix includes one-bedroom/one-bath apartments and two-bedroom/two-bath apartment homes that range in size from 441 square feet to 1,056 square feet. The average unit size is 708 square feet.