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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

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Attributes

Building Area Gross
Land Area Gross ()
Number of units 116

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”), a licensed real estate broker, has been retained on an exclusive basis to arrange the sale of The Verano & The Moderne (together, the “Properties”), a portfolio of two boutique luxury multifamily communities in the desirable city of Stamford, Fairfield County, CT. The Verano and The Moderne each comprise 58 units, totaling 116. Each building has high end appealing unit features such as granite countertops, stainless steel appliances, walk-in closets, bamboo flooring, in unit washer/dryer package, high ceilings, and energy-efficient appliances. The Properties are set apart from the competition by the first-class amenity package they provide, a rarity in boutique luxury buildings. The amenities including large screening rooms, roof decks with unobstructed views, grilling stations and pool tables, resident lounge with coffee bar, fitness center, covered/garage parking, and 24-hour emergency maintenance.

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The premiere location of the Properties resonate with today’s renter looking for an urban-suburban lifestyle. The Verano and The Moderne are ideally located in the most convenient and in demand locations within Stamford. They are within a short walk of Stamford’s vibrant downtown restaurant row and retail shops and only a five minute drive from the Stamford Train Station providing direct access to Manhattan. Furthermore, with a location less than five minutes from Interstate 95 and Route 1, the Properties provide convenient access to other employment hubs within Fairfield County, Westchester County, and the greater New York Metro area.

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Stamford has become one of the most dynamic markets in the New York Metropolitan area and the go to market for renters exiting New York City. The city consists of a large, well-educated population with average household income of $144,697. In addition, a majority of the population have white collar occupations and are renters.

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The Properties offer a unique opportunity to acquire two stabilized mid-rise apartment communities in the heart of the prospering downtown Stamford market.

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Drew Saunders | T: 203-705-2265 | E: drew.saunders@am.jll.com | CT License # 0759251 

Investment Highlights

State-of-the-Art Unit Features & Luxurious Amenity Package

The Verano and The Moderne have one-of-a-kind amenities and unit features. The Properties stand out from their competition by offering high-quality unit finishes as well as an impressive amenity package, which residents consistently emphasize as their reason for choosing to live at these desired locations.

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Luxurious Amenity Package

• Screening Room

• Roof Deck

• Lounge/Coffee Bar

• Elevator

• Fitness Center

• Covered/Garage Parking

• Resident Lounge

• Controlled Access and 24-Hour Emergency Maintenance

• Pet Friendly

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Unit Features

• Granite Countertops

• Stainless Steel Appliances

• Walk-In Closets

• In-Unit Washer & Dryer

• Updated Bathroom Cabinetry

• Bamboo/Hardwood Flooring

• High Ceilings

• Central Air Conditioning

• Security Alarm

• Energy Efficient Appliances

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Transit-Oriented and Premiere Location 

• The Properties are approximately one mile from the Stamford Train Station, which provides direct access to New York City in less than one hour via the Metro North Railroad and Amtrak.

• Conveniently located less than one mile from Interstate 95 and Route 1, and in close proximity to Interstate 287, Route 7, and the Merritt Parkway (Route 15). 

• Well positioned nearby several other suburban employment hubs such as Greenwich, White Plains, Norwalk and the greater Westchester/Fairfield County market.

• Located in Downtown Stamford, a close walk to an abundance of dining, retail, and entertainment options.

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Strong Market Trends

• The Property’s immediate submarket offers favorable rent growth and vacancy fundamentals, as market rents have steadily increased year-over-year. Since 2015, market rents have grown 16% and over the last two years vacancy rates have hovered between 4% - 5%.

• Since 2018, approximately 36 buildings have been delivered to the Stamford submarket, amounting to 4,288 units, showcasing the demand and the desirability of the location.

• At an average free market rental rate of $2,447 per unit ($2.71 PSF), The Verano and The Moderne offer renters an attractive alternative to the New York City Financial District ($5.24 PSF), Jersey City Waterfront ($3.35 PSF), Williamsburg ($4.80 PSF) and Long Island City ($4.42 PSF). 

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Affluent Demographics 

• Stamford has a densely populated, educated, and affluent work force, consisting of 136,450 people, boasting an average household income of $144,697 and a median age of 38.7.

• 50% of the population have a bachelor’s degree or higher, resulting in 67% of the population having white collar occupations.

• Since 2010, the population has grown 17% and during that same time period the number of households increased by 10%, demonstrating the growth of the area. 

• Several nationally recognized companies are within walking distance of The Verano and The Moderne including KPMG, WWE, Price Waterhouse Coopers, Northern Trust, Indeed, Harman International Industries, Inc. and Charter Communications.







Last Updated Date: 19 Oct 2021
Stephen A. Simonelli
Stephen A. Simonelli
Managing Director, Capital Markets
License details
NJ-0456983
Jose Cruz
Jose Cruz
Senior Managing Director, New Jersey Office Co-Head
License details
NJ-8743725

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Last Updated Date: 19 Oct 2021

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