STAMFORD, CONN – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Parallel 41, a newly constructed, fully stabilized, 124-unit apartment complex in downtown Stamford, Conn.
IPA executive directors Victor Nolletti and Steve Witten advised the seller, 1340 Washington Associates LLC. The purchaser of the property is an institutional investor advised by Cornerstone Real Estate Advisers of Hartford, Conn.
"The metro New York market continues to thrive and Stamford’s job growth, transit, nightlife, culture, proximity to Grand Central Station and affordability continue to drive luxury renters to the city,” says Nolletti. “Parallel 41 is perfectly positioned to deliver in all categories."
“Parallel 41 is a trophy asset with green technologies and exceptional luxury amenities,” adds Witten. “Residents enjoy a high-end, full-service urban lifestyle.”
“The recently completed property was fully leased and stabilized in 10 months,” concludes Witten.
Built in 2012 on 1.7 acres, the 128,588-square-foot property is located at 1340 Washington Blvd. in Stamford within a few blocks of the Stamford train station, which provides residents with a short commute into New York City and easy access to Boston, Philadelphia and Washington, D.C. The complex is within walking distance of popular restaurants and bars, and The Stamford Town Center shopping mall, the Avon Theatre Film Center, parks, the University of Connecticut and Stamford Hospital are nearby.
Apartment homes at Parallel 41 feature luxury finishes and many units offer penthouse lofts and private rooftop terraces.
Community amenities include a roof deck with city views, outdoor kitchens, 46-inch outdoor televisions, pingpong, outdoor shower and chaise lounges. The property also features a resident lounge with a linear fireplace, platform bar and banquette for seating, multiple flat-panel televisions and a barista station. There is also a game gallery, a fitness club; a private screening room with a 138-inch screen and theater surround sound. Residents enter via a glass-walled lobby with seating area and a 55-inch touch-screen kiosk.
RMS Companies, the developer of Parallel 41, is also completing several other luxury apartment properties, and plans to be invested long term in Stamford to harvest the benefits of the outstanding growth the city continues to experience.