APARTMENT BUILDING SELLS FOR $131M
STAMFORD — A downtown Tresser Boulevard apartment complex has sold for approximately $131 million, ranking as one of the city’s largest property sales of the past year, according to documents filed last week in the Stamford Town Clerk’s Office.
Housing 344 units in a four-story building across the street from the Stamford Government Center, 75 Tresser was acquired by real estate investment firm Monday Properties. It comprises the third investment in Stamford for the firm, following its $73 million acquisition last April of the Harbor Landing apartment complex and its $27 million purchase in November 2020 of the office building at 900 Long Ridge Road.
Among their reasons for acquiring 75 Tresser — which includes studio, one-bedroom, two-bedroom and three-bedroom units — Monday Properties executives cited the property’s occupancy rate of 95 percent.
“We continue to capitalize on opportunities in growth markets like Stamford, which is key to the expansion of our multifamily platform,” Adam Carr, Monday Properties’ executive vice president of acquisitions and capital transactions, said in a statement. “We were attracted to this investment because Stamford has continued to evolve as a livework-play city and offers some of the best restaurants, retail and entertainment within the market, not to mention it’s a short train ride away from New York City.”
The sale of 75 Tresser generated $654,750 in local conveyance taxes and $984,375 in state conveyance taxes.
Jeffrey Dunne and David Gavin, of commercial real estate firm CBRE, represented the seller, which is listed as Chicago-based WC Venture 75 Tresser LLC in property-transfer records.
Monday Properties said in a news release that it “partnered with Washington Capital on behalf of the clients on the deal” and that Carr “led the acquisition.”
For Monday Properties — which has offices in Manhattan and Arlington, Va. — the acquisition reflects its strategy of investing in office buildings and multifamily properties in fast-growing cities. The company’s portfolio includes more than 5 million square feet of commercial office space and more than 2,700 multifamily housing units that are either developed, planned or under construction.
“Thousands of residents are picking Stamford as their new home, and 75 Tresser is a differentiator in the market as a Class A alternative to some of the more expensive high-rise properties in the area,” Frank Craighill, Monday Properties’ vice president of development, said in a statement. “With our forthcoming capital improvement plans, Monday Properties will revive the amenity offerings to enhance the overall resident experience. We are in the early stages of planning significant renovations throughout the units including new flooring and bathroom fixtures.”
The sale follows several other nine-figure transactions in the past year in Stamford. Those other recent deals include the $235 million sale of the downtown office complex at 200 Elm St.-695 E. Main St., the $154 million sale of the downtown Parc Grove apartment complex and the $105 million sale of the 101 Park Place apartment building in the Harbor Point development of the city’s South End.