STAMFORD: Paredim Partners LLC of White Plains, NY acquired Parallel 41 Apartments, a 124-unit class A apartment building at 1340 Washington Boulevard for $33.5 million from Cornerstone Real Estate Advisers LLC . Paredim’s announcement said the purchase “marks the company’s entry into the city’s apartment market.”
Parallel 41 is a six-story mid-rise elevator building, built in 2012 it has five stories of residential apartments above a surface parking level.
The building offers proximity to the city’s urban entertainment, dining and recreational amenities as well as the CBD office matt rket and Metro North Commuter Rail. The property is nearly 100% occupied and according the company, “serves young families and professionals that commute to employment centers in the Fairfield County and N.Y. areas.”
“We’re pleased to add this sophisticated community with market leading amenities and design as well as great upside potential in the burgeoning Stamford apartment market,” said David Parisier, Paredim’s managing director and founding principal.
Parisier added, “we plan to further solidify the building’s position as a boutique, amenity rich and value oriented property.” The company has a portfolio of more than 2,000 units throughout the Fairfield, New Haven and other Connecticut markets.
Parisier, said the company plans on implementing a renovation and rebranding program, explaining, “that will play upon and accentuate the many positive features of this community and enhance its position as a premier property in the Stamford market.” Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride and Eric Apfel of CBRE Group, Inc. represented the seller. The buyer handled the sale in-house.