Greenfield Ptnrs, Post Road Residential Divests 344 Newly Built Units in Mid Rise Rental Community
|75 Tresser in Stamford|
Clal Insurance US, Inc. and Waterton Associates LLC have acquired the 344-unit multifamily building at 75 Tresser Blvd. in Stamford, CT from developer Greenfield Partners LLC and Post Road Residential, Inc. for $120.5 million, or about $350,000 per unit, making this the second largest acquisition in Stamford this year.
75 Tresser is a six-story, 275,200-square-foot rental property constructed in March 2014 on 3.2 acres in the Downtown Stamford submarket of Fairfield County, just two blocks from the Stamford Transportation Center.
Initial lease-up is underway, being handled by Bozzuto Management.
The asset is comprised of a mix of studio to three-bedroom floor plans, with 90 percent at market-rate rents. The property offers 5,500 square feet of ground-floor retail space and a two-level parking garage, in addition to a resident's lounge, fitness center, swimming pool, two courtyards, private screening room, meeting and dining rooms, a catering kitchen, and a business center. Units feature designer kitchens, elevated ceilings, in-unit washer/dryer, and panoramic views.
Clal, a publicly traded insurance company and pension fund manager, and one of Israel's largest financial institutions with more than $40 billion in assets, will take 49 percent interest in the asset, with Chicago-based joint-venture partner Waterton taking a 51-percent stake. The acquisition marks Clal's fourth purchase since December 2012, when it acquired a 49-percent stake in One South Wacker, a 40-story, 1.2 million-square-foot commercial skyscraper in Chicago.
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"Clal is on track to expend our portfolio of quality multifamily properties in prime commuter markets," said Tamir Kazaz, CEO of Clal US, the wholly-owned subsidiary of Clal Insurance. "We are particularly dedicated to growing a multifamily portfolio in the Tri-State area, where we see immense value."
Jeffrey Dunne, Gene Pride, and Patrick Carino with CBRE's Stamford office represented the sellers. The buyers handled the acquisition in-house.
Please see CoStar COMPS #3100608 for additional information on this transaction.