Over the last several years, Fairfield County has seen a dramatic increase in the number of new apartment complexes.
Yet while the construction has mostly occurred in Stamford and Norwalk, Stratford is ready to start competing for residents too.
The first of five apartment buildings at 1111 Stratford Ave. is just wrapping up construction and will be available for rent beginning Sept. 1. The building is the first new multifamily residential building in the town of Stratford in several years and developers believe it could be a catalyst for the redevelopment of the downtown.
“We are proud of our commitment to redeveloping urban locations and helping to create a new and re-energized Stratford,” said Tracy Goguen, property manager at 1111 Stratford Apartments. “As far as we know, we are the only development in the town of Stratford. Everything else has been outside the town limits and in more of a suburban location.”
Once a brownfield, the building is a few blocks away from the historic town district and a half-mile from the Stratford Metro-North train station. Rent at the complex, which will include 128 units, will start at $1,275 a month for a studio apartment.
Goguen said occupancy rates for apartments in Fairfield County have held at about 96 percent and while the new activity may not be concentrated in Stratford, it could bode well for the town. With a greater pent-up demand for new apartments in Stratford, Goguen said the company is confident their buildings would meet their leasing projections.
“We feel strongly that the location is very conducive to an apartment lifestyle,” Goguen said. “From here you can walk to the town center, commuter rail station and river front. And if you need to drive, Interstate 95 is just minutes away.”
As more individuals and families choose to rent instead of buy, the rental market has been steadily improving nationwide since 2010. Last year, the national rental vacancy rate was 8.7 percent, the lowest level since 2001, according to a report released by Harvard University”™s Joint Center for Housing Studies.
And in the Bridgeport metro region, it”™s no different, according to the report, which found new rental-housing construction at an all-time high.
“We”™re confident that we”™ll be able to fill our buildings,” said Abe Naparstek, senior vice president of East Coast Development, the apartments”™ developer. “All the apartments in the Fairfield County market are full and there”™s not a lot of new, quality apartments that have been built in this part of the county.”
With more residents living and spending money in the area, Naparstek said he also believes the apartments could act as an economic boost for Stratford. New stores and restaurants may open up for the residents and add to the momentum, he said.
“We think there”™s pent-up demand for this kind of product and that”™s why we”™re excited,” Naparstek said. “I think you”™ll see new development and investments take place in this part of Stratford.”
“We think there”™s pent-up demand for this kind of product and that”™s why we”™re excited. I think you”™ll see new development and investments take place in this part of Stratford.”
