JV Partners Acquire Connecticut Multifamily for $73M
Monday Properties and Neo Capital have purchased the class A, Stamford property, which is currently 95% leased.
STAMFORD, CT – Joint-venture partners, Monday Properties and Neo Capital have acquired the five-story, class A multifamily asset, Harbor Landing in Stamford, CT for $73 million.
Located at 28 and 30 Southfield Ave. and situated on nearly three acres of waterfront property in the city’s Harbor Point neighborhood, the asset is currently 95% leased.
The multifamily property offers studio, one-bedroom and two-bedroom apartments, and community amenities, such as a resort-style pool, a club room, a fitness center and an outdoor sundeck equipped with fire pits, outdoor TVs and grills.
The property’s unit rents range from $1,800 to $2,000 a month. The community additionally offers a substantial discount of New York City multifamily renters.
The property will be managed by Lincoln Property Co.
JLL’s capital markets team of Jose Cruz, Steve Simonelli, Michael Oliver and Kevin O’Hearn brokered the transaction.
“The Harbor Landing acquisition is a major milestone for us and a testament to our commitment to building our multifamily portfolio,” states Adam Carr, Monday Properties’ EVP of investments. “The property features exceptional, high-quality finishes, state-of-the-art amenities and provides access to a competitive, growing market that has not only survived but thrived during COVID-19.”
“Harbor Landing is a strategic investment for Neo and provides access to one of the best multifamily markets in the nation,” states a Neo Capital representative. “It speaks to the strength of our partnership with Monday Properties and our continued confidence in the multifamily sector.”