$257K-Per-Apartment for The Wescott in Stamford, CT

A private New Jersey-based investment group paid $67 million for The Wescott, a 261-unit apartment community in Stamford, CT. That works out to a price of $257,000 per apartment.

The buyers received a $55.2-million, seven-year loan from Greystone, at an interest rate of 3.564 percent.

“This was a particularly rewarding transaction, because we worked very hard with Freddie Mac and the lender to underwrite to market rents, even though there is an affordability component. Stamford is doing very well economically and the area median income is very high, keeping market unit rents and affordable unit rents very closely in line with each other,” said David Singer, senior vice president at Eastern Union Funding, which arranged the financing.

Most of the apartments at the 1986 property have been recently renovated.

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