California Investor Acquires Stamford Multifamily

STAMFORD, CT—Friedkin Realty Group of San Francisco has increased its Connecticut multifamily portfolio with the$78-million purchase of the recently completed Element One property here.

A joint venture of Norwalk, CT-based Fuller Development and Spinnaker Real Estate Partners sold the 183-unit market rate apartment property to Friedkin, according to brokerage firm CBRE.

The CBRE team of Jeffrey Dunne, Gene Pride and Eric Apfel represented the Fuller-Spinnaker joint venture in the sale and also procured the buyer.

The deal increased Friedkin’s holdings in the Nutmeg State to three properties. The firm, a multifamily owner and operator, also lists the Point at Still River (234 units) and Willow Grove (135 units), both in Danbury, as part of its national portfolio.

In the tri-state area, Friedkin’s portfolio also includes the Point at Pine Ridge, a 450-unit community in Suffolk County, NY and the Highlands at Cherry Hill in Cherry Hill, NJ, a 170-unit complex across the border from Philadelphia.

Built in 2017, Element One features luxury finishes that include quartz counter tops, stainless steel appliances, five-burner stoves, oversized windows, tile backsplashes and soft-closing cabinets. The property’s amenities include multiple resident lounges, a rooftop terrace, a pet spa, secure bike storage and an oversized fitness center.

“Element One is an exceptional asset that is truly unique in the market, given the great attention to detail in both design and construction, which is rarely found in rental properties,” said Dunne of CBRE “The strong leasing interest from the time the property opened was a direct result of the sophisticated Stamford renter that increasingly seeks luxury amenities and finishes.”

Dunne adds that the property is currently 99% leased and he expects the new ownership will build on its solid base of high occupancy and quality management.