PGIM Real Estate sells Stamford condos for $ 154 million


Parc Grove Apartments, PGIM CEO David Hunt and Pacific Urban Residential CEO Al Pace (photo via Parc Grove, PGIM, RETCON)

Parc Grove Apartments, PGIM CEO David Hunt and Pacific Urban Residential CEO Al Pace (photo via Parc Grove, PGIM, RETCON)

Four years ago some doubted The apartment building boom in Fairfield County, Connecticut, will attract enough tenants.

Then last year, Covid prompted townspeople to plunder suburban home markets, demand spilled over into rentals, and rental markets in southwest Connecticut went hot. And they stayed that way even when New York reopened and many returned.

PGIM Properties is the last one to make money on demand. This week, a global investor sold Parc Grove Apartments, a 402-unit refurbished rental complex in downtown Stamford, for $ 154 million in a deal brokered by CBRE. The site was last sold in 1994, according to city ​​records

The buyer was a multi-apartment investor. Pacific Urban Residential… Based in Palo Alto, California, the company acquired 200 Broad Street development for 23 percent more than the city’s estimated $ 125.5 million in 2020.

The sale speaks to the enduring appeal of rental properties amid the real estate downturn in Connecticut.

In the Stamford-Bridgeport-Norwalk metro area, the number of connections from New York City grew 72% in 2020, according to CBRE data analyzed by Hearst Connecticut Media.

From March 2020 to March 2021, the average rent for an apartment in Fairfield County jumped 44 percent; over the same period, the number of housing units available for rent fell by 45%, CTPost reported in April.

The declining supply has squeezed a market that was considered tense even before the pandemic. City property reports published in 2019 showed a 94.5% occupancy rate in downtown Stamford. Stamford attorney

Rental demand has shifted to neighboring Greenwich, a city that lost much of its rental appeal in the 1980s, said local broker Mark Pruner.

From the start of the pandemic to 2021, there has been a steady demand for long-term rent in the city, as people living in an empty nest sell to a hot market, then they need a place to live, and families rent to experience the area before buying. …

The Mill, a new 59-unit luxury rental complex, is expected to be 100% rented out prior to the move this summer, as ownership goes through a 1,000-request list. There are 10 apartments left in the building.

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