Stamford, Conn.—Paredim Partners LLC recently acquired Parallel 41 Apartments, a 124-unit Class A luxury building in Stamford, Conn. According to Yardi Matrix data, Sentinel Real Estate is the community’s former owner. The four- and five-story building traded for $33 million or roughly $268,000 per unit.
Located at 1340 Washington Blvd., in the heart of downtown, Parallel 41 is in proximity to the city’s urban entertainment, dining and recreational areas, as well as Stamford’s CBD. The 2012-built property is almost entirely occupied and serves young families and professionals that commute to employment centers in Fairfield County and New York areas. The Metro North Commuter Rail provides access to both New York and Connecticut.
Parallel 41 Apartments incorporates 62 one- and 62 two-bedroom units. Amenities include a fitness center, business center, media room, as well as 186 parking spaces.
“We plan to further solidify the building’s position as a boutique, amenity-rich and value-oriented property as we have with similar projects in our portfolio of more than 2,000 units throughout the Fairfield, New Haven and other Connecticut markets,” said David Parisier, Paredim’s managing director & founding principal.
Paredim intends to implement a renovation and rebranding program to the property.
Image courtesy of Paredim