A Stamford-based affordable housing developer recently paid $5.65 million for a former Catholic school that was converted into 56 apartments decades ago.
In a deed recorded Aug. 31, a limited liability company controlled by multifamily investor Garden Homes Management sold the St. Mary’s apartments on 1 acre at 1451 Main St. to another LLC controlled by affordable housing developer New Neighborhoods Inc.
The buyer and seller are both based in Stamford.
The Garden Homes-controlled LLC paid $450,000 for the three-story, 69,136-square-foot brick building in 1979 and completed its conversion in 1980. The St. Mary building dates to 1929.
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The buyer used the property to secure a $5.72 million mortgage from Indiana-based Merchants Bank.
