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Clal Insurance, Waterton JV Closes on $121M Acquisition of 75 Tresser, Completing Second Largest Acquisition in Stamford This Year

Greenfield Ptnrs, Post Road Residential Divests 344 Newly Built Units in Mid Rise Rental Community
August 26, 2014
75 Tresser in Stamford
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.

Clal Starts US Multifamily Portfolio with $48M Acquisition of Infinity Apts

"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.


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