One of Stamford”™s more prominent construction sites ”“ soon to be residences and a business center ”“ has found a buyer.
Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE”™s Institutional Properties represented Greenfield Partners L.L.C. and Post Road Residential in the $120.5 million sale of 75 Tresser Blvd. to a joint venture between Israel-based Clal Insurance Enterprises and Chicago-based Waterton Associates.
The newly constructed “75 Tresser” is a 344-unit, class A apartment building. The property includes a heated pool, a 5,000-square-foot fitness center, two courtyards, 9,000 square feet of tenant club space with a private screening room, meeting/dining rooms, a catering kitchen and a business center. There is garage parking for automobiles and bikes.
Dunne said the building has created “a buzz.” “Interest from tenants is strong with over half of the new residents coming from out of state and less than 30 percent moving from within Stamford,” he said. “This provides evidence that Stamford continues to grow as the regional epicenter in the northern New York suburbs that offers a lifestyle to new residents who five years ago would not have considered it as a housing option. The appeal of Stamford”™s 24/7 lifestyle is really becoming evident.”
CBRE said in a statement, “Further validating Stamford”™s coming of age is the immense success of the South End development that is expanding the live/work/play options for new residents and employers. The South End broadens Stamford”™s attractiveness to a deeper variety of interests and needs. This is all built on a base of numerous major international employers and easy access to multiple regional transportation options. This is occurring while there are still 924 units currently under construction in four buildings in both downtown and the South End that will only add to the vibrancy Stamford is currently experiencing.”
Dunne leads a multifamily investment team along with Pride that has sold six apartment communities and development sites in Stamford since 2010 that total more than 1,750 units valued at more than $560 million. CBRE Institutional Properties serves institutions, corporations, private investors, developers and real estate investment trusts, and has closed more than $9 billion in property sales in all property types over the last five years.
