FD Rich Company completes sale of third apartment community in six months
Based in Stamford, CT, FD Rich Company is pleased to announce the recent sale of three Class A apartment communities the Company has developed (with partners) totaling 422 units and $175 million in total sales proceeds.
Summer House Stamford, located at 184 Summer Street and completed in 2016, sold in February 2022. The building is the second tallest apartment community in the bustling downtown area and is within walking distance of restaurants, hotels, shops and from the University of Stamford Connecticut downtown branch. The building is 22 stories tall, contains 227 homes, includes a full range of luxurious amenities, houses the upscale Flinders Lane restaurant, 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 Company, achieved full occupancy within 10 months of opening.
The architect for Summer House Stamford was Lessard Design of Vienna, VA, who completed three other projects for the FD Rich Company and its partners. These efforts include Park Tower Stamford, which opened in 2010, a 35-story luxury condominium project that, at 350 feet tall, remains by far the tallest building in Stamford. In 2017, the 82-unit Bedford Hall Stamford was completed and the same year the 66-unit SONO Pearl in South Norwalk, CT opened.
Harborside SoNo, located at 123 Water Street, South Norwalk, CT, is a 129-unit luxury apartment complex offering resort-style living, including South Norwalk’s only rooftop pool, with stunning views of the 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 Company the project achieved 100% occupancy within 9 months after openness, speaking to its general appeal.
Finally, the company also sold the SONO Pearl, located at 101 Washington Street, South Norwalk, CT. The project is a 66-unit, 5-story luxury apartment community that features a private, publicly accessible parking garage and first-class amenities, including a rooftop terrace with panoramic views of Norwalk Harbor and the Veterans Memorial Park.
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 historic heart of 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 make up much of Washington Street in SOUND.
The company still owns the 102-room Residence Inn by Marriott, in South Norwalk, which it opened in June 2019. The 8-story hotel, with on-site parking and valet parking, has the only bar and restaurant on the rooftop offering panoramic views of Norwalk Harbour. and beyond, contributing to its position as Fairfield County’s number one hotel market.
Thomas L. 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 hearts and souls 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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