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1450 Washington BLVD, Stamf...

Private Investment Group Purchases Property At 1450 Washington Blvd Stamford For $67M With CBRE Representation
SOLDMultiFamily

Private Investment Group Purchases Property At 1450 Washington Blvd Stamford For $67M With CBRE Representation

1450 Washington BLVD, Stamford, CT...

$67,000,000

Units

261

Asset Type

MultiFamily

Closing

Nov 19, 2023

AI

The Wescott is an apartment community located at 1450 Washington Blvd, Stamford, CT. The property was sold for $67 million and encompasses 261 units. Built in 1986, it offers various amenities, including an indoor/outdoor pool, a clubroom with kitchen, a media lounge, a billiards room, a fitness center, tennis courts, a basketball court, an outdoor courtyard, and garage parking. Many of the units have been renovated featuring granite countertops, stainless steel appliances, new cabinets, updated bathrooms, lighting, and fixtures. Additionally, the property has an 8,500-square-foot vacant commercial space that was previously occupied by medical tenants.

Summary of transaction details:

  • Property Type: Apartment Community
  • Transaction Amount: $67,000,000.00
  • Address: 1450 Washington BLVD, Stamford, CT
  • Market: Stamford
  • Buyer: Private Investment Group
  • Seller's Representative: Eric Apfel, Gene Pride & Jeffrey Dunne - CBRE

TH Real Estate, an affiliate of Nuveen, a TIAA company, successfully completed the sale of the property. The transaction was facilitated by the seller's representatives, Jeffrey Dunne, Gene Pride, and Eric Apfel from CBRE, who played a crucial role in the deal.

Players

Gene Pride

Newmark

Broker

$1.6B

vol

22 deals

Broker
PG
Private Investment GroupBuyer

Stamford MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.24%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93