STAMFORD, CT—The 368-unit Cornerstone at Bedford apartment complex here has traded for $75.1 million.

The property was sold by Fairfield Bedford LLC to Cornerstone Apartments Property Owner LLC, a Delaware-based limited liability company, according to Institutional Property Advisors, which represented the seller in the transaction. The purchase price cashes out at $204,000 per unit. Institutional Property Advisors is a division of Marcus & Millichap. IPA Executive Directors Steve Witten and Victor Nolletti, and Marcus & Millichap Associate Eric Pentore represented Fairfield Bedford LLC in the deal.

Cornerstone at Bedford is located on 4.6 acres at 1425-1435 Bedford St. in downtown Stamford, just a few blocks from the core central business district, shopping and restaurants. Built in n 1963 property's two “Y”-shaped 13-story buildings join to form a central courtyard area with secure gated garage parking. Community amenities include a swimming pool with sundeck, a fitness center, a clubroom, a business center, a play area and a picnic area with gas grills.

“Cornerstone at Bedford is an extremely well located asset that provides the new owner with an opportunity to add value in a very strong residential rental market,” says Witten.

Institutional Property Advisors' Nolletti adds, “More than 12 corporations have relocated to Stamford since 2010 and the city continues to grow as a destination for lifestyle renters, particularly millennials looking for a place that provides proximity to New York City and relief from its high rents.”