Capri Acquires Stamford Luxury Residential Building for $135M
- Jan 08, 2014
Capri Capital Partners, L.L.C., has acquired 101 Park Place at Harbor Point, a Class-A core multi-family asset located in Stamford, Conn., on behalf of an institutional investor.
Harbor Point, an 80-acre transit-oriented community still under development, is considered one of the most high-profile multi-billion-dollar mixed-use developments in the country.
“We felt that this was a very well located, extremely attractive Class A project that when you look at the redevelopment of the area, was the right time, right price, right deal and had a tremendous amount of upside,” Ken Lombard, Capri’s partner of investments, told CPE. “We were very excited about the possibility and aggressively went after this.”
Originally constructed in 2010, the 15-story 101 Park Place was the first new luxury apartment building in Harbor Point, and consists of 336 units with a high retention ratio and a 94 percent average occupancy.
The multi-family units range from one- to three-bedrooms and offer unobstructed views of the Long Island Sound from each side of the building. Site amenities include a rooftop terrace, fitness center, concierge, a clubroom, gas fire pits and large pool deck.
The units include granite countertops in the kitchen, full-size washers and dryers, and walk-in closets. Each also has its own balcony offering expansive views of the Long Island Sound.
According to Lombard, the transaction fits in with the company’s investment strategy of acquiring high-quality Class A properties in high barrier markets with supply-demand imbalances and strong economic, demographic and income trends.
The property was developed by Building Land & Technology and partner Lupert-Adler Real Estate Funds.
When complete, the Harbor Point community will include approximately 2 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.