Park Square West in Stamford Sells at Auction for $40M

Park Square West, a 9-story mixed-use apartment and retail building located at 101 Summer Street in Stamford, Connecticut, has sold for $40 million. The sale is the result of an ongoing bankruptcy auction of eight Stamford properties once belonging to developer Seaboard Realty. The mid-rise property has been bought by Annemid LLC, which is owned by the real estate capital solutions company UC Funds. The $40 million cash offer coincides with their additional $26 million offer on the Stamford Courtyard Marriott Hotel, both of which far surpass the minimum prices set by the bank of $27 million and $18 million, respectively.

The 180,626 square foot property, as well as the entire portfolio up for auction, has garnered a large amount of attention and bids from the real estate investment community. This mixed-use building has numerous attractive qualities to investors including over 200 available parking spaces, 10,500+ square feet in rentable ground floor commercial space, and boasts over 143 residential apartment units currently operating at 100% occupancy. With a focus on luxury, the apartments can offer additional amenities to tenants such as concierge services and an on-site fitness center.