Niche Multifamily Asset Sale Brokered by Institutional Property Advisors in Stamford Connecticut
STAMFORD, Conn., May 24, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 100 Prospect Apartments, a 94-unit multifamily asset in Stamford, Connecticut.
“100 Prospect is an exceptionally well-located niche apartment property just steps from Bedford Street’s Restaurant Row and Stamford’s core central business district,” said Victor Nolletti, IPA executive managing director. “The asset benefits from its 186-car parking garage and approvals to add an additional 32 units and 7,100 square feet of amenity and outdoor terrace space.” The IPA Northeast team, Nolletti, IPA’s Eric Pentore and Wes Klockner represented the seller, Herald Realty LLC and procured the buyer First Prospect Place LLC.
Located within a Federal Opportunity Zone, the property is walking distance from Columbus Park, the social epicenter of Stamford’s central business district. Interstate 95, Route 1, and Stamford’s Metro-North and Amtrak train stations are nearby. Major employers in Stamford include finance and investment companies Synchrony Financial, Point72 and Tudor Investment Corp, Nestlé Waters, Deloitte, Pitney Bowes, Harman International, Indeed, Vineyard Vines, and NBC Sports Group.
Constructed as an elevatored office building in 1977-1981, 100 Prospect Apartments was converted to apartment homes in 2008 and 12 additional residential units were added in 2018. The property is composed of two four-story apartment towers over structured parking.
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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