A 261-unit Stamford apartment complex sells for $25M

The Pine Hill Apartments were bought for $25 million by 125th Strawberry Hill LLC. It’s the largest real estate sale in Stamford since a 261-unit building sold for $67 million in December, according to the Stamford Advocate. Brokers said the high prices aren’t necessarily market indicators. “Constructing residential buildings and the ongoing property maintenance of those buildings are very different,” said Tammy Felenstein of Halstead Real Estate told the Advocate. “Regardless of who owns the buildings, the occupancy rates in all the downtown buildings range from 93 percent to 98 percent. Those percentages say more about the Stamford rental market.” [Stamford Advocate]