(Miami, FL) — August 25, 2018 – Pensam Residential, a national multi-housing owner and operator announced today that it recently closed on a preferred equity joint venture investment to facilitate the acquisition of a nine-story mixed-use property in Stamford, Connecticut. Built in 2001, the property offers 143 residential units and 10,520 square feet of ground-floor retail space.
Pensam’s investment was structured behind Fannie Mae senior debt financing. The sponsor is a New Jersey-based investment firm and a repeat Pensam sponsor.
“This investment marks Pensam’s second preferred equity investment in Stamford, and we are pleased to continue expanding our presence in the Northeast,” noted Michael Stein, Founding Partner of Pensam Capital.
The property recently benefited from a $2.6 million capital improvement plan completed in 2016. Improvements include the addition of a club room with lounge-style seating, a new rooftop terrace and fire pit, and a lobby redesign featuring the addition of a waterfall-accent wall, luxe finishes and new lighting. Additional improvements include new hallway carpeting, new signage, installation of over-sized exterior flat-screen televisions, and a leasing office upgrade.
Unit interiors boast luxury upgrades such as granite countertops, stainless steel appliances, new cabinetry and updated fixtures. Additional community amenities include private conference rooms, a game room and Wi-Fi lounge, a sunroof deck and gate garage parking. The full-service property offers residents a range of services including complementary shuttle services, valet dry cleaning, digital package concierge and complementary access to the UFC Gym located on the first floor.
The property is located just 45-minutes from New York City via MTA’s Metro-North Commuter Railroad and boasts a prime location in the heart of downtown Stamford, situated within walking distance of over 75 restaurants and bars and many of Stamford’s existing landmarks and newest developments.
The city of Stamford is among Fairfield County’s fastest-growing and most stable submarkets. Fairfield County has repeatedly ranked among the top ten wealthiest counties in the US and is home to fifteen Fortune 500 companies.
Stamford’s urban development, economic growth and transportation system has attracted a well-educated, affluent population and contributed to stable population growth and in turn, a robust housing market.
About Pensam Residential
Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States. Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management. Pensam has invested in nearly 33,000 units across more than 110 properties. For more information visit www.pensamresidential.com