The Cove Collection

While it may be close to New York City, Stamford’s unique local culture has an identity all its own. Music is big, with the Stamford Center for the Arts, the Stamford Symphony Orchestra, and numerous outdoor music events packing the entire calendar. The free Harbor Point Trolley System runs downtown routes every day of the week, making it easy to get around without having to hunt for parking. Beautiful waterfront areas such as Cove Island Wildlife Sanctuary serve up lovely scenic views. Consistently named one of America’s safest cities by the FBI, Stamford is a great community for families. Stamford presents a compelling case to those on the apartment or house hunt. There’s an incredible mix of long-standing homes and luxurious, ultra-modern apartments available to renters, especially in the ever-developing downtown district. Foodies and night owls should stick close to Broad Street and Elm Street, where the biggest concentration of restaurants and bars are. Of course, one can’t ignore Stamford’s closeness to New York City, which is easily accessible by regular commuter rail service and the Connecticut Turnpike. If you’re looking to get even farther out of town, Stamford is within driving distance of four major airports, including JFK and La Guardia.Northeast Private Client Group® is pleased to exclusively present for sale The Cove Collection, a 34-Unit, 9 building value-add apartment community located in the Shippan/Cove neighborhood of Stamford Connecticut. 12 units remain unrenovated allowing for a new owner to capture significant renovation premium. On average, leased rents are over $600/month below market rents achieved at comparable properties nearby. A new owner can capture the remaining upside by renovating the remaining units, marking current rents to market, completing attic expansions in several of the buildings, and converting the remaining buildings on oil heat to tenant-paid gas or electric HVAC. Located at the intersection of Frederick Street and Wardwell Street, The Cove Collection is made up of 1BR and 2BR units. The location of the community is ideal for regional accessibility, having near immediate access to Interstate 95 and being only a 5 minute drive from the Stamford Train Station. This makes The Cove Collection appealing to commuter tenants as well as tenants that work in Downtown Stamford. The Cove Collection is an excellent investment opportunity for buyers looking to secure upper-working-class-catering multi-family product, a product type that has enjoyed high tenant demand, that will benefit from the growing Stamford market without needing to be concerned about the continuous delivery of new Class-A multi-family product into an already substantial Class-A inventory. The Cove Collection features accretive financing cross-collateralized with Wharton & Parsons Apartments. The financing may be assumable if the property is purchased as a portfolio with Wharton & Parsons Apartments. The Cove Collection is available individually or as a portfolio with Wharton & Parsons Apartments and/or Colchester Estates.