New York & Tri-State + Fairfield/Westchester + Apartments | April 22, 2021

FPA Multifamily Ponies Up $84M for First Connecticut Acquisition

CBRE arranged the $84.3-million sale of The Fairfield Apartments, a 263-unit community in Stamford, CT. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the institutional owner and procured the buyer, FPA Multifamily.

Built in 1996, the property presents a significant value-add opportunity, since all apartments have original finishes. It features a clubroom with a fireplace, caterer’s kitchen, three private courtyards, including one with a pool and sundeck, grilling areas and full fitness center.

Dunne said, “We are pleased to have represented the seller. The Fairfield Apartments offer a highly walkable residential neighborhood in the heart of Stamford, just a short walk from countless restaurants, retailers, employers and entertainment venues.

“This is FPA’s first purchase in Connecticut and we are anxious to see how they renovate the community,” he continued.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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