Stamford Apartment Complex Sold For $84.3 Million

STAMFORD, CT — The Fairfield Apartments, a 263-home community located on Morgan Street in Stamford, recently sold for $84.3 million, according to the commercial real estate services firm CBRE Group, Inc.

According to a news release, the CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer procured the buyer, real estate operating company FPA Multifamily, and also represented the seller.

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"We are pleased to have represented the seller," Dunne said in a news release. "The Fairfield Apartments offer a highly walkable residential neighborhood in the heart of Stamford, just a short walk from countless restaurants, retailers, employers and entertainment venues. This is FPA's first purchase in Connecticut and we are anxious to see how they renovate the community."

Speaking Wednesday about the transaction, Stamford Economic Development Director Thomas Madden noted the city has seen numerous large residential building sales over the last several years, reflecting a healthy real estate market in Stamford.

"With an occupancy rate near 97 percent in our apartment buildings, our residential market has become extremely attractive to investors," Madden said to Patch. "I spoke to several of the new property owners and they noted that the strong Stamford economy and the suburban pricing of these buildings make Stamford an attractive city to invest in."

Built in 1996, the Fairfield Apartments property presents a significant value-add opportunity, as all apartments have original finishes, according CBRE.

Features include a spacious clubroom with a fireplace, caterer's kitchen, grilling areas, a full fitness center and three private courtyards, including one with a pool and sundeck.

"The property has great bones," Pride said in a news release, "and with new finishes, the community should perform very well going forward."

According to the Stamford Advocate, the transaction is Stamford's second-largest property sale so far this year. City records indicate the seller was EQR-Fairfield LLC, which lists the same business address in Chicago as Equity Residential.

Patch has reached out to the Stamford Chamber of Commerce for further information.