238-Unit Multifamily Asset Sale Negotiated by Institutional Property Advisors in Stamford Connecticut
STAMFORD, Conn., Feb. 16, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of eaves Stamford, a 238-unit multifamily property consisting of three residential buildings and 3,600 square feet of commercial space in Glenbrook, a low-density, transit-oriented neighborhood in Stamford, Connecticut.
“Situated close to amenity-rich Downtown Stamford, eaves Stamford is a well-located multifamily community with strong in-place cash flow and significant value-add potential,” said Victor Nolletti, IPA executive managing director. “It’s also one of the best value propositions for renters looking for space and convenience at more affordable rents than in Downtown Stamford and Harbor Point.” Nolletti and team members Eric Pentore, first vice president, and Wes Klockner, senior associate, represented the seller, AvalonBay Communities and procured the buyer, Cue Residential.
The properties are easily accessible from Interstate 95 and the Merritt Parkway. The Stamford and Glenbrook train stations, which give commuters access to New York City, Norwalk, New Haven, Boston and Washington, D.C. are one mile away. Major companies headquartered in Stamford include Nestlé Waters, Deloitte, General Reinsurance, Gartner, Pitney Bowes, Harman International, Kayak.com, Indeed, Vineyard Vines, and NBC Sports Group.
The buildings are: 66 Glenbrook, a four-story, 197-unit building; 96-100 Glenbrook, an 18-unit, three-story wood-frame building; 93 Glenbrook, a three-story, 22-unit brick building located immediately across the street from 96-100 Glenbrook, and a single-family rental home built in 1875 that shares the 93 Glenbrook tax lot.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com