Stamford, Conn.—A 368-unit, 13-story apartment community known as the Cornerstone at Bedford has traded hands in Stamford, Conn., for $75.1 million. 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,” says Witten.
The property was built in 1963 on 4.6 acres. Amenities include a swimming pool with sundeck, a fitness center, clubroom, business center, play area and barbecue space. Downtown Stamford is home to more than 15 million square feet of office space.
“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,” adds Nolletti.
Greystone provides Presidium Group with $19.5M bridge loan
Dallas—Greystone has provided a $19.5 million bridge loan to Dallas-based Presidium Group for the acquisition of two apartment communities in Dallas. The transaction was originated by JD Stettin, a mortgage originator based in Greystone’s New York office.
The interest-only bridge loan is for two properties, Vineyards and Villa Jolla, which together comprise 569 units. Presidium plans to invest over $5 million in capital improvements for both properties that will target interior and exterior upgrades, and create a more comprehensive amenity package. When the assets are stabilized, Presidium will look for long-term HUD financing via Greystone.
“With an ultimate end-goal of long-term, low rate FHA financing for these new acquisitions, Greystone’s bridge solution provides the perfect lead-up by closing quickly, financing capital improvements and laying the ground work for HUD,” says John Griggs, co-CEO of Presidium Group.
Raintree Partners acquires 39 units in San Fernando Valley
Studio City, Calif.—Raintree Holdings has acquired a 39-unit community in Studio City, Calif., for $9.5 million. Lee & Associates-LA North/Ventura closed the sale, representing both the buyer and seller.
“Raintree Partners, a long term investor in major coastal California markets, has been very active in this area, and owns several nearby properties, so this asset will be a good fit for the company’s portfolio,” says Jim Fisher, principal at Lee.
Fisher worked alongside fellow principal Mike Smith on the deal. Laguna Niguel-based Raintree has acquired five apartment communities in the San Fernando Valley since 2011. This most recent addition is located at 4250 Coldwater Canyon Ave., and was 100 percent occupied at the time of sale. It is located next door to Sportsmen’s Lodge, which is planning a major renovation and redevelopment to include a 57,000 square foot commercial center anchored by Equinox fitness club with restaurants and retail shops.