SHELTON, CT - Investment sales broker Northeast Private Client Group has announced the recent sale of two multifamily buildings located in Stamford, Conn. Bradley Balletto, vice president, investments, together with Rich Edwards and Jeff Wright, investment associates in the firm’s Connecticut office, represented the seller and sourced the buyer in the off-market transaction.
On July 24, Northeast Private Client Group closed the sale of The Moderne Apartments located at 163 Franklin Street and The Verano Apartments, located at 750 Summer Street. Each property comprises 58 luxury apartment units with on-site amenities including 24-hour fitness centers, rooftop lounges and screening rooms. The seller, RMS Companies of Stamford, Conn., sold the properties to Navarino Acquisitions LLC for $35,000,000 in an off-market transaction. The price paid equates to $301,724 per unit, $270 per gross square foot, and a capitalization rate of 5.4 percent on year-one net operating income.
“Even this late in the current cycle, multifamily investors can continue to find buy-opportunities in Stamford, one of Metro North’s more desirable & dynamic submarkets.” said Balletto. “Verano & Moderne’s in-place nominal rents were well below top-of-market rental options, while offering larger floorplans with comparable unit finishes and amenities packages to their competitive set. The relative value to renters by choice at these newer-construction assets puts them in the unique position to sustain rent growth in the face of significant new deliveries to the Stamford luxury rental market.”