Cornerstone at Bedford Sells for $75.1M

Cornerstone at Bedford recently sold for $75.1 million to Cornerstone Apartments Property Owner, LLC. The sale price represents a unit price of $204,000 per apartment. Steve Witten and Victor Nolletti, from IPA, and Eric Pentore, from Marcus & Millichap, represented the seller of the property, Fairfield Bedford, LLC.

Cornerstone at Bedford is comprised of two 13-story apartment buildings totaling 368 units. The property is located in downtown Stamford, at 1425-1435 Bedford Street. The majority of the apartments were upgraded in 2003, however, 67% have undergone renovations since 2007. The complex offers amenities such as a swimming pool, fitness center, and a gated garage. Studio apartments start at $1,374 per month, one-bedrooms at $1,618 per month, two-bedrooms at $1,860 per month, and three-bedrooms at $2,141 per month.