{"id":1004104811,"date":"2014-10-02T05:26:14","date_gmt":"2014-10-02T13:26:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004104811"},"modified":"2022-12-09T00:50:56","modified_gmt":"2022-12-09T08:50:56","slug":"cornerstone-grabs-368-unit-m-f-community-in-stamford-conn","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cornerstone-grabs-368-unit-m-f-community-in-stamford-conn\/","title":{"rendered":"Cornerstone Grabs 368-Unit M-F Community in Stamford, Conn."},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Cornerstone.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004104812\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cornerstone-grabs-368-unit-m-f-community-in-stamford-conn\/cornerstone\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Cornerstone.jpg\" data-orig-size=\"447,322\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Cornerstone\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Cornerstone.jpg?w=447\" class=\"alignleft size-medium wp-image-1004104812\" alt=\"Cornerstone\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Cornerstone.jpg\" width=\"300\" height=\"216\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Cornerstone.jpg 447w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/Cornerstone.jpg?resize=300,216 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>\u00a0Cornerstone Apartments Property Owner L.L.C. has acquired Cornerstone at Bedford, a 368-unit, 13-story apartment community in Stamford, Conn., for $75.1 million from Fairfield Bedford L.L.C.<\/p>\n<p>Institutional Property Advisors, a division of Marcus &amp; Millichap, represented the seller in the transaction.<\/p>\n<p>\u201cStamford and Fairfield County (part of the New York MSA) in general are highly desirable markets for multi-family investment, offering stable returns and long term growth outpacing any other area in the region,\u201d Steve Witten, IPA\u2019s executive director, told <i>Commercial Property Executive<\/i>. \u201cThe appeal of the property is it\u2019s a moderate (capital) dollar, value-add opportunity trading for a fraction of the core and core plus trades in the immediate market.\u201d<\/p>\n<p>Located at 1425-1435 Bedford St. in downtown Stamford, Cornerstone at Bedford sits just a few blocks from the core central business district, shopping and restaurants and offers a variety of recently renovated apartment homes, many with impressive views of the Long Island Sound.<\/p>\n<p>Originally constructed in 1963 on 4.6 acres, the property offers studios, one-, two- and three-bedroom apartments in its two \u201cY\u201d-shaped buildings, which join to form a central courtyard area with secure gated garage parking. Units feature plentiful closet space, large private balconies and several contain stainless steel appliances. Amenities include a swimming pool with a sundeck, a fitness center, clubroom, business center, play area and barbecue space.<\/p>\n<p>According to Witten, the property is very well located and will provide the new owner with an opportunity to add value in a strong residential rental market. Since 2010, more than 12 corporations have relocated to the city, attracting lifestyle renters, particularly millennials.<\/p>\n<p>\u201cThe property is a true, transit-oriented core location within walking distance of the Metro North railroad system to midtown Manhattan or New Haven as well as all major employers in the Stamford, CBD,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cornerstone Apartments Property Owner has acquired Cornerstone at Bedford, a 13-story apartment community in Stamford, Conn., for $75 million from Fairfield Bedford.<\/p>\n","protected":false},"author":451,"featured_media":1004104812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742],"tags":[],"class_list":["post-1004104811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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