Capri Capital Closes on $135M Multifamily Acquisition in Stamford
Developers Sell 336-Unit Luxury Residential Site at Harbor Point
January 7, 2014
Capri Capital Partners has acquired 101 Park Place at Harbor Point, a 336-unit luxury apartment building at 101 Washington Blvd. in Stamford, CT, from developers Building & Land Technology and Lubert-Adler Partners LP for $135 million, or about $402,000 per unit.
The 15-story, 434,235-square-foot, high-rise residential tower was built in 2010 in the Harbor Point submarket of Fairfield County. The mix of 203 one-bedroom, 111 two-bedroom and 22 three-bedroom apartments range in size from 552 up to 1,749 square feet, with an average 94-percent occupancy.
The property boasts a concierge, fitness center, swimming pool, clubhouse, on-site management, and a host of unit amenities, luxury finishes and views of the Long Island Sound. The property is part of Harbor Point, an 80-acre, transit-oriented community under development that is close to downtown with several public transportation options. When completed, the community will house almost 2 million square feet of commercial space and 4,000 housing units as well as a marina, parks, and a public river walk.
"We are excited to be investing in Stamford within the city’s newest and most vibrant residential neighborhoods," said Ken Lombard, partner of investments for Capri. "The BLT team has earned a reputation as one of Stamford’s most highly regarded developers, owners and operators. We are excited to acquire this property from BLT and elevate its presence and competitiveness in this dynamic and thriving neighborhood."
Jeffrey Dunne, Kevin Welsh, and Christopher Leonard with CBRE represented the sellers. The buyer handled the acquisition in-house.
Please see CoStar COMPS #2925485 for additional information on this transaction.