STAMFORD, CT-Chicago-based Capri Capital Partners LLC has acquired 101 Park Place at Harbor Point, a multifamily asset that’s part of the Harbor Point mixed-use development here, on behalf of an institutional investor. Capri paid $135 million to acquire 101 Park Place from its developers, a partnership of Building & Land Technology and Lubert-Adler Real Estate Funds.
“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.”
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. The 15-story, 336-unit lbuilding has a high retention ratio and a 94% average occupancy.
When complete, Harbor Point will include about 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 development’s western side. This past summer, BLT and Lubert-Adler sold the 242-unit Infinity Apartments to an entity controlled by Clarion Partners for $98.8 million.