The Wescott, a 261-unit Class-A apartment building at 1450 Washington Blvd. in Stamford, has been sold for $67 million.
Built in 1986, the property underwent exterior and interior renovation in recent years and includes 8,500 square feet of vacant commercial space that was formerly occupied by medical tenants. CBRE Group Inc.’s Jeffrey Dunne, Gene Pride and Eric Apfel represented the seller, TH Real Estate, an affiliate of the TIAA company Nuveen. The buyer is a private investment group in New Jersey that was not identified in the announcement of the transaction.
“The buyer is a rapidly growing investment group that has purchased 6,500 residential units in the past 24 months demonstrating the ongoing demand for multifamily assets in strong markets,” said Jeffrey Dunne, vice chairman of institutional properties at CBRE. “Stamford continues to attract significant interest given the 24/7 live, work, play lifestyle that is also pedestrian and transit centric. This is highly appealing to the new residents that continue to move to our market, as well as the employers that continue to expand.”