Capri Capital Partners, on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a high-quality, Class-A core multifamily asset located in Stamford, Connecticut.
Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre transit-oriented community still under development in Stamford, Connecticut. The 15-storey, 336-unit luxury building has a high retention ratio and a 94 per cent average occupancy.
Residents have views of the Long Island Sound from each side of the building, and enjoy several amenities including a roof-top terrace and large pool deck. Units range from one to three-bedrooms, and the overall unit size averages 867 square feet. The property was developed by Building Land & Technology (BLT) and partner Lupert-Adler Real Estate Funds.
When complete, the Harbor Point community will include approximately two million square feet of space for office and retail tenants, 4,000 units of housing, restaurants, a full-service marina, new parkland and a public river walk along the Mill River on the western side of the development.
“We are excited to be investing in Stamford within the city’s newest and most vibrant residential neighbourhoods,” says 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 neighbourhood.”
“Capri’s investment strategy is to actively acquire high-quality Class-A properties in high barrier markets with supply-demand imbalances and strong economic, demographic and income trends,” says Dori Nolan, principal of investments for Capri. “101 Park Place is truly an iconic multifamily asset that meets our investment strategy and will be highly complementary to our investor’s real estate portfolio.”