IPA Brokers $100M of New England MF Trades

STAMFORD, CT-Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap serving institutional and major private investors, has brokered a trio of apartment deals worth a total of $100 million in the past few days. Largest of the sales was that of Parallel 41, a newly constructed, fully stabilized, 124-unit apartment complex in downtown Stamford; public records show it traded for $45.1 million.

IPA executive directors Victor Nolletti and Steve Witten advised the seller, 1340 Washington Associates LLC. The purchaser of the property is an institutional investor advised by Cornerstone Real Estate Advisers of Hartford, CT.

“The metro New York market continues to thrive and Stamford's job growth, transit, nightlife, culture, proximity to Grand Central Station and affordability continue to drive luxury renters to the city,” says Nolletti. “Parallel 41 is perfectly positioned to deliver in all categories.”

Witten adds that the complex is “a trophy asset with green technologies and exceptional luxury amenities. Residents enjoy a high-end, full-service urban lifestyle. The recently completed property was fully leased and stabilized in 10 months.”

Built in 2012 on 1.7 acres, the 128,588-square-foot property is located at 1340 Washington Blvd. in Stamford. It's within a few blocks of the Stamford train station, meaning a short commute into New York City and easy rail access to Boston, Philadelphia and Washington, DC.

In another Connecticut deal, Witten and Nolletti advised seller Behringer Harvard Orange LLC in the $35.3-million sale of Grand Reserve Orange, a 168-unit complex in the New Haven County community of Orange, CT. The buyer was FF Realty II LLC.

“Grand Reserve Orange is the exemplary multifamily property in Orange and it is unlikely that anything similar will be built there,” says Witten.

Crossing the border into Massachusetts, IPA arranged the sale of Royal Crest Estates, a 216-unit Tudor-style apartment complex in Fall River. The $20.5-million sales price equated to $94,900 per unit.

Steve Witten and Nolletti advised the seller, Aimco Fall River LLC. The buyer was Highlands North Realty Trust. Todd Tremblay is Marcus & Millichap's broker of record in Massachusetts.

“The city of Fall River and the surrounding communities are unquestionably a model of urban renewal,” says Witten. “The area is also one of the nation's fastest growing multifamily markets.”