By Corina Stef
TH Real Estate, an affiliate of TIAA, has disposed of The Wescott Apartments, a 261-unit community located in Stamford, Conn. The buyer, a private New Jersey-based investment group, paid $67 million for the two-building property. Pensam Residential provided a preferred equity structured by Freddie Mac as part of the acquisition financing.
“Pensam’s preferred equity program provides flexible capital support for the acquisition, recapitalization and restructuring of multifamily properties throughout the country,” Pensam Founding Partner Michael Stein said in a prepared statement. “This investment presented a strong opportunity to expand Pensam’s preferred equity portfolio in the Northeast market in an institutional-quality asset.”
The property comprises 261 studios, one-, two- and three-bedroom units, of which 49 are affordable, in addition to 9,216 square feet of commercial space formerly occupied by medical tenants. Built in 1986, the community underwent a $20 million renovation program in 2010 which resulted in high-end interior upgrades. Amenities include:
- Valet dry cleaning
- Conference rooms
- Business center
- Fitness centers
- Indoor swimming pool
- Movie theater
- Billiards room
- Tennis court
- Picnic areas
- Outdoor basketball court
Located at 1450 Washington Blvd., The Wescott Apartments is a 45-minute drive from New York City and is close to retailers, cafes, eateries, banks and hospitals.
The community previously traded in 2011, when TH Real Estate purchased it for no less than $62 million, public records show.
CBRE’s Jeffrey Dunne, Gene Pride and Eric Apfel represented the seller, which recently acquired a 228-unit community in Delray Beach, Fla.
Image courtesy of Yardi Matrix