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September 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Stamford’s Element One multifamily property sells for $78M

Element One, a 183-unit multifamily property at 111 Morgan St. in Stamford, has sold for $78 million. CBRE represented the seller, a joint venture between Fuller Development and Spinnaker Real Estate Partners, and the buyer, Friedkin Realty Group, in the transaction.

Built in 2017, Element One’s units offer quartz countertops, stainless steel appliances, five-burner stoves, oversized windows, tile backsplashes and soft-closing cabinets, along with breathtaking views of Plum Island. The development’s amenities include multiple resident lounges, a rooftop terrace, a pet spa, a fitness center and bike storage.

“The strong leasing interest from the time the property opened was a direct result of the sophisticated Stamford renter that increasingly seeks luxury amenities and finishes,” said Jeffrey Dunne, vice chairman at CBRE. “The property is currently 99 percent leased, and we expect that the new ownership will build on this solid base of high occupancy and quality management, which distinguishes Element One in the market.”