Sun. Dec 4th, 2022

STAMFORD — The downtown Parc Grove apartment complex has offered for $154 million, in Stamford’s premier property sale this calendar year.

Area residence records verified the sale of the 402-device property at 200 Wide St., although commercial real estate agency CBRE declared the deal this week, noting that it “represented a world wide serious estate expense adviser, when also procuring the purchaser, Pacific Urban Residential LLC.”

“The presenting represented a extremely exclusive prospect to buy a five-furthermore acre website, representing a entire metropolis block in the heart of downtown Stamford,” CBRE’s Jeffrey Dunne stated in a statement.


CBRE’s David Gavin, Gene Pride, Jeremy Neuer, Steve Bardsley and Eric Apfel ended up also concerned in the transaction.


A message remaining Tuesday for Palo Alto, Calif.-based Pacific Urban Residential was not returned.

Pacific City “is an market-main West Coastline apartment trader,” according to its web site. “We are condominium experts with practical experience in obtaining and executing asset strategies for nicely over 100 condominium communities. Our repositioned communities give wanted housing for virtually 17,000 West Coast citizens.”

The vendor of Parc Grove was Town Grove LLC, in accordance to residence data. It lists a company tackle of 751 Wide St., in Newark, N.J. — the very same deal with as the headquarters of insurance policy giant Prudential.

A information remaining for Prudential inquiring regardless of whether City Grove LLC was an affiliate or subsidiary of the company was not returned.

Parc Grove’s selling price compares with a “total appraised parcel value” of $125.5 million, according to house records.

The sale produced $768,500 in regional conveyance taxes and $1.155 million in state conveyance taxes.

CBRE officials also cited Parc Grove’s amenities, which contain a clubroom-with-fireplace-lounge, pool, two-tale health centre and cross-training area, indoor basketball court docket and garage parking. The house was developed in 1995, in accordance to the Eyesight Appraisal property databases.

“In addition to its outstanding site and features, Parc Grove features two big courtyards and amazing outside place, a scarce amenity in a downtown location these kinds of as this,” Dunne stated.

Every month rents range from $2,138 for a one particular-bedroom apartment to $5,423 for a a few-bed room unit, according to listings on residences.com.

“The apartment marketplace continues to be pretty warm in downtown and in Harbor Point, with most properties seeing an occupancy charge higher than 94 %,” the Stamford Office of Financial Improvement stated in its report on exercise in the city in the first quarter of 2021. “The enormous influx of new residents from New York Town have designed obtaining an apartment or a household in Stamford really challenging. This is a development we anticipate to keep on for at least the subsequent couple quarters.”

Stamford’s increasing inhabitants is fueling investor interest in its multifamily housing marketplace.

About four months in the past, in the city’s 2nd-greatest property sale this calendar year, the 101 Park Location apartment intricate in the South End bought for $105 million.

The Hoyt Bedford apartments, a 350-unit complicated across the road from the city’s courthouse, offered past month for about $99 million.

In April, The Fairfield apartments on the edge of the downtown altered hands for $84 million.

Also in April, the Harbor Landing condominium complicated in the Waterside part marketed for $73 million.

pschott@stamfordadvocate.com twitter: @paulschott

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