IPA arranges $75.1 million sale of 368-unit Cornerstone at Bedford
Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Cornerstone at Bedford, a 368-unit, 13-story apartment community. The $75.1 million sales price equates to $204,000 per unit.
IPA executive directors Steve Witten and Victor Nolletti, and Marcus & Millichap associate Eric Pentore represented the seller, Fairfield Bedford LLC. The buyer is Cornerstone Apartments Property Owner LLC, a Delaware-based limited liability company.
"Cornerstone at Bedford is an extremely well located asset that provides the new owner with an opportunity to add value in a very strong residential rental market," said Witten.
"More than 12 corporations have relocated to Stamford since 2010 and the city continues to grow as a destination for lifestyle renters, particularly millennials looking for a place that provides proximity to New York City and relief from its high rents," said Nolletti.
Cornerstone at Bedford is located at 1425-1435 Bedford St. in downtown Stamford, just a few blocks from the core central business district, shopping and restaurants.
Constructed in 1963 on 4.6 acres, the property's two "Y"-shaped buildings join to form a central courtyard area with secure gated garage parking.
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary