STAMFORD, CT-Newbury Common Associates, LLC, an entity of Seaboard Properties, Inc., is selling Newbury Common to TIAA-CREF Global Real Estate. Sources indicate that the fund proffered $62 million to procure the 261-unit multifamily property, nearly double the $37.7 million Seaboard paid the Connecticut Housing Finance Authority for it in February of 2009.

The two-tower high rise at 1450 Washington Blvd. sits at roughly 93% occupancy and boasts a gym, indoor pool, business center, theatre room, two tennis and basketball courts and covered parking. CB Richard Ellis' New York Institutional Group repped the seller and located TIAA-CREF as the buyer, led by Jeffrey Dunne and Christopher Leonard.

In a statement, Dunne noted that "The Stamford apartment market remains very strong and continues to absorb new product south of Interstate 95. TIAA-CREF should fare very well with this investment given their plan to implement an interior, common area and unit renovation program, which I expect will produce even stronger yields in the near term." CBRE did not return GlobeSt.com inquiries before deadline.