Shelton-based investment sales broker Northeast Private Client Group has announced the sale of a pair of multifamily buildings in Stamford for $35 million in an off-market transaction.
RMS Cos. of Stamford sold the properties – The Moderne Apartments at 163 Franklin St. and The Verano Apartments at 750 Summer St. – to Navarino Acquisitions LLC for the equivalent of $301,724 per unit, $270 per gross square foot, and a capitalization rate of 5.4 percent on year-one net operating income.
Each property consists of 58 luxury apartment units with amenities including 24-hour fitness centers, rooftop lounges and screening rooms.
Northeast’s Bradley Balletto, vice president of investments, along with investment associates Rich Edwards and Jeff Wright, represented the seller and sourced the buyer in the transaction.
“Verano and Moderne’s in-place nominal rents were well below top-of-market rental options, while offering larger floor plans with comparable unit finishes and amenities packages to their competitive set,” Balletto said. “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.”