Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford, Connecticut.
“Hoyt Bedford is a 100 percent market-rate, legacy asset located on the edge of Stamford’s central business district,” said Victor Nolletti, IPA executive managing director. “Just a short walk from Bedford Street Restaurant Row, Columbus Park and all that Stamford has to offer, the property is a well-maintained apartment home community and an outstanding value-add opportunity.” Nolletti, IPA’s Eric Pentore and Wes Klockner, represented the seller, Stamford Apartment Company LLC, and procured the buyer, Hoyt Bedford LP with Marcus & Millichap’s Andrew Daitch.
This is the third transaction the IPA Northeast team has closed in Stamford since January 2021. Together, the three closings total 682 units valued at over $200 million.
Built in 1940, the six-building property is located on seven acres at the crossroads of Bedford and Grove streets near access to Interstate 95 and the Merritt Parkway. The Stamford and Glenbrook train stations are a mile from the community and Midtown Manhattan is 30 miles away. Stamford’s many employers include hedge funds Bridgewater, Tudor Investment Corp. and Point 72. Nestlé Waters, Deloitte, General Reinsurance, Pitney Bowes, Harman International, Indeed, and NBC Sports Group are all headquartered in the city.
Hoyt Bedford’s Georgian-style five-story buildings are interconnected by oak- and beech tree-lined courtyards. The buildings each have 57-60 units over 35 covered parking spaces. The average unit size is 927 square feet. Marcus & Millichap’s Matthew Kurzmann, Steven Miscavish, Seth Barnett, Tyler Martin, Gerson Askenazy, Neil Rosenthal, and Alyssa Van Hyfte also provided representation. John Krueger is Marcus & Millichap’s broker of record in Connecticut.
