New York-based Beachwold Residential is on the verge of adding to its vast portfolio, securing more than $53 million in acquisition financing for the purchase of Glenview House in Stamford, Connecticut.
MetLife Investment Management is providing the financing in the form of a three-year, floating-rate loan, according to Real Estate Weekly. The JLL Capital Markets Debt Advisory team represented Beachwold in the transaction.
It’s not immediately clear what the total purchase price of the Glenview House complex is.
“Beachwold is adding another well-located Class A asset in Stamford to their portfolio with this acquisition, as they double down on growing Connecticut cities,” said Alex Staikos, a director with the JLL team.
Glenview House is a 146-unit multifamily complex with a Walgreen’s in its ground floor. Units range from one- to three-bedroom spreads, the average unit providing slightly less than 1,300 square feet of space.
Other amenities in the complex include a courtyard with a pool and barbeque area, a fitness center, a club room with a bar, a business center and a billiards room.
Beachwold manages almost more than 50 properties https://www.beachwold.com across the United States, accounting for more than 15,000 multifamily units. The company’s portfolio includes a handful of properties in Connecticut.
Towards the end of 2018, Beachwold paid $60 million for a 470-unit garden apartment complex about 50 miles north of Tampa. The cost worked out to nearly $128,000 per unit.
The multifamily market has surged in the wake of the pandemic as office and hospitality opportunities have struggled. The sector is an increasingly popular option for developers, some of whom have converted shuttered properties into multifamily complexes.
In Farmington, an affiliate of CSRE Group landed a $32 million construction loan to convert a former hotel into an apartment community. The former 381-key Hartford Marriott Farmington is being redeveloped into a 225-unit, market-rate apartment building.
[REW] — Holden Walter-Warner