Photo courtesy of CBRE

A large downtown Stamford apartment complex has been sold to a New York City investor and property manager.

Pantzer paid $221 million on July 2 for both phases of The Urby, delivered in 2019 and 2023, respectively, by a joint venture of IronState Development and FM Rich Co.

The 641-uint building sits just east of the Stamford Town Center mall in the heart of downtown Stamford. Pantzer renamed the property, whose architecture echoes a dense collection of mid-rise office buildings, to The Point Stamford.

Bank of America provided a $148.51 million mortgage according to city land records. A CBRE team of Jeffrey Dunne, Eric Apfel, Stuart MacKenzie, Travis Langer and Eric Greenberg represented the sellers, the brokerage said, while its Maxi Leachman sourced the financing for Pantzer.

In addition to downtown Stamford’s restaurants and its rapid train connection to Midtown Manhattan, the development wraps around a large, densely-planted courtyard designed by landscape architecture firm Bureau Bas Smets with a central pavilion. A 5,500-square-foot gym takes up the ground floor, while its roof is taken up with a heated swimming pool connected to ground level through a set of broad, outdoor stadium seating and stairs. Other amenities include a 5,500-square-foot fitness center, coworking spaces and a cafe integrated into its lobby, in-unit washers and driers and a front desk staffed at all times.

“The property represented a rare opportunity to acquire scale in one of the Northeast’s fastest-growing sub-markets,” Dunne said in a statement. “The property’s design, amenities, and location fit squarely within the profile of best-in-class communities in high-growth, transit-oriented markets.”

The deal comes less than a month after a 240-unit apartment tower on Stamford’s waterfront sold to a New York City investor for $150 million.