Clarion Adds Stamford Rentals for $100M

STAMFORD, CT-Clarion Partners has paid $98.8 million to acquire Infinity Harbor Point, a 22-story rental apartment tower that ranks as the tallest building on the waterfront of this Connecticut city, home to a number of corporate headquarters. Recently completed, the property was developed by Building and Land Technology, and is part of the 322-acre Harbor Point mixed-use complex here.

The 242 units at Infinity Harbor Point comprise slightly less than 20% of the more than 1,350 apartments completed thus far within the Harbor Point complex. Clarion executives were unavailable Tuesday afternoon to respond to requests for further details on the acquisition.

“This is a 'best-in-class' asset with superior unit finishes and property amenities,” says Brian Watkins, a managing director at New York City-based Clarion and the lead acquisitions officer for the transaction. “It was designed for residents seeking a 24-hour lifestyle in an urban location with easy access to employment centers, mass transit, restaurants and retail shopping.” Currently it's approximately 96% leased, and rents top out at slightly more than $4,500 per month.

Along with the multifamily component—for which more is on the drawing boards—the Harbor Point development already contains about 400,000 square of office and 130,000 square feet of retail, including Connecticut's only Fairway Market. It's a 10-minute walk from the Stamford Metro Train Station, reportedly the busiest on the Metro-North New Haven Line after Grand Central Terminal, a 50-minute train ride away.