IPA ARRANGES SALE OF 124-UNIT MULTIFAMILY COMPLEX IN STAMFORD

STAMFORD, CONN. — Institutional Property Advisors (IPA) has arranged the sale of Parallel 41, a newly constructed, fully stabilized, 124-unit apartment complex in downtown Stamford. Victor Nolletti and Steve Witten, executive directors at IPA, advised the seller, 1340 Washington Associates LLC, in the transaction. Hartford-based Cornerstone Real Estate Advisers represented the buyer, an institutional investor. Built in 2012 on 1.7 acres, the 128,588-square-foot property is located at 1340 Washington Blvd., within a few blocks of the Stamford train station. Community amenities include a roof deck with city views, outdoor kitchens, 46-inch outdoor televisions, pingpong, outdoor shower and chaise lounges. The property also features a resident lounge with a linear fireplace, platform bar and banquette for seating, multiple flat-panel televisions and a barista station. RMS Cos., the developer of Parallel 41, is also completing several other luxury apartment properties in the area.