Herald Realty Sells Niche Asset in Connecticut
The deal includes approvals to add another 32 units as well as amenity and outdoor terrace space to the property.
100 Prospect Apartments. Image courtesy of Institutional Property Investors
Institutional Property Advisors has brokered the sale of 100 Prospect Apartments, a 94-unit luxury community in Stamford, Conn. According to Yardi Matrix data, the previous owner was Herald Realty Management. The company paid $18.4 million for the asset in 2016.
Located at 100 Prospect St., the property originally served as an office building constructed between 1977 and 1981. Converted for residential use in 2008, the community was expanded with 12 new units added in 2018. The transaction included approvals for the addition of another 32 apartments and 7,100 square feet of amenity and outdoor terrace space.
The unit mix features studios and one-bedroom apartments in two four-story towers atop a structured garage with 186 parking spaces. Situated within a Federal Opportunity Zone, 100 Prospect is within walking distance of Columbus Park in Stamford’s central business district. Nearby transportation options include Metro-North and Amtrak train stations, while Interstate 95 and Route 1 are also accessible. Nestlé Waters, Deloitte and NBC Sports Group are among the area’s major employers.
The IPA Northeast team that brokered the sale included Executive Managing Director Victor Nolletti, First Vice President Eric Pentore and Senior Associate Wes Klockner. In April, another IPA team represented joint venture partners Griffin Capital and Legacy Partners in the $100 million sale of a transit-oriented community in Monrovia, Calif.
