Stamford Corners Apartment Complex Sold for $60M

Transaction Details:

The Stamford Corners, a 195-unit apartment complex located near downtown Stamford, sold recently for $60,000,000. The property was purchased by Stamcon Holdings, LLC on March 18, 2019. The complex sold for approximately $307,000 per unit and marks one of the largest Stamford real estate transactions in 2019. Located at 1455 Washington Boulevard, the building was constructed in 1999 and contains over 234,000 square feet of space. There are five floors of apartments with a mix of one and two bedroom units. At the time of sale, the property was reportedly 95% occupied.

Stamford Market Trends:

Apartment development has been strong within Stamford since the turn of the century, with over 11,000,000 square feet of space being proposed, under construction, or already built since 2000. The city’s apartment vacancy rate currently sits at 5.4%, trending below the five year average of 7.5%. Asking rents of all unit sub-types, ranging from studios to three bedrooms, are above their respective five year averages.