• Fri. Jun 24th, 2022

FD Rich Company is selling three apartment communities it developed for $175 million : NEREJ

ByLinda W. Smith

Mar 4, 2022

Stamford, Connecticut FD Rich Company has completed the sale of three Class A apartment communities the company has developed (with partners) totaling 422 units for $175 million.

Summer House Stamford, located at 184 Summer St. and completed in 2016, sold in February 2022. The building is the second tallest apartment community in downtown and is within walking distance of restaurants, hotels, shopping and the downtown branch of the University of Connecticut. . The building is 22 stories tall, contains 227 homes, includes amenities, houses Flinders Lane, and has a daily shuttle to and from the Stamford transport hub. The project was not only designed and developed by FD Company but, under the guidance of FD Rich Management Co., achieved full occupancy within 10 months of opening. The architect was Lessard Design of Vienna, VA, who completed three other projects for FD Rich Co. and its partners.

Harborside SoNo, located at 123 Water St. in South Norwalk, is a 129-unit apartment complex offering resort-style living featuring the area’s only rooftop pool, with views of Norwalk Harbor and Long Island Sound . The project was completed in 2020 and sold in late 2021. Harborside SoNo was designed by a collaboration between Beinfield Architects and Gooding Architects and under the guidance of FD Rich Management Co. the project achieved 100% occupancy within 9 months following the opening, speaking to its general appeal.

Finally, the company also sold the SONO Pearl, located at 101 Washington St. in South Norwalk. The project is a five-story, 66-unit apartment community that includes a private, publicly accessible parking garage and first-class amenities, including a rooftop terrace.

The SONO Pearl, like most FD Rich Company multi-family housing developments, has an unusually high walk score due to its proximity to numerous restaurants, shops, movie theaters, grocery stores as well as urban public transit. It is located in the true heart of historic South Norwalk, CT where between 2008 and 2019 the FD Rich Company was the primary owner of a collection of late 19th century historic buildings that comprise much of Washington St. to SONO.

The company still owns the 102-room Residence Inn by Marriott, South Norwalk, which it opened in June 2019. The 8-story hotel, with on-site and valet parking, has the only rooftop bar and restaurant offering a panoramic view of Norwalk Harbour. and beyond, contributing to its position as Fairfield County’s number one hotel market.

Thomas Rich, President and CEO of FD Rich Company, said, “It’s always bittersweet for our team when we sell a property that we’ve put our heart and soul into creating. Some of the most satisfying aspects of building apartments for us is seeing the community taking root and seeing the friendships that are formed between residents. At FD Rich Management, we gladly take our customer service role to the next level and our tenants, who become our friends, take comfort in knowing that we are always there for them beyond the call.

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