Apartmentalizing in Stamford

The apartment market is booming in Stamford, and projections are that the wave of construction will continue to surge.

The city’s Department of Economic Development has estimated that 8,100 apartments are being built or approved for construction – most of them in the southern end of the city or downtown within walking distance of the Stamford Transportation Center, bars and restaurants.

The construction is not a bubble, insisted Thomas Madden, the city’s director of economic development, and owners, financiers and developers of apartments in the city attending the Cornell Real Estate Conference in October confirmed the sentiment.

Madden predicted that the need for more apartments will continue for at least 15 years.

Many are being built by Building and Land Technology at Harbor Point.

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Most of these new apartments are being occupied by young professionals and baby boomers, according to Madden, who said the occupancy level of apartments in Stamford is 96 percent.

Often, younger apartment dwellers prefer the apartment lifestyle or have not saved enough money for that 20 percent down-payment on a house, he said.

Pyramid Real Estate Group’s property management division works with owners of apartment complexes in the region. For more information, call 203-348-8566.

Having thousands of apartments, many filled with young and upwardly mobile professionals, also is attractive to business considering locating in Stamford, Madden said.

Many of those apartments, where rental rates are more than $2,000 per month, are occupied by individuals whose annual incomes are more than $100,000.

Pyramid agents were directly involved in expansion of the apartment market.

Agent Norman Lotstein brokered the sale of 159 Main St., a 40,000-square-foot parcel that is being developed into a 122-unit complex.

Agent Brian Dornan brokered a $9 million deal between the First Presbyterian Church and a partnership of Fuller Development and Spinnaker Real Estate Partners.

The deal led to construction of a 180-unit complex on Morgan Street.

Contact Pyramid Brokerage for more information on apartment developments in Fairfield County, CT.