BLT Sells Connecticut Community for $73M

Harbor Landing. Image courtesy of Building and Land Technology

Real estate investment firm Monday Properties has teamed up with Dubai-based neo capital to purchase a 218-unit, Class A apartment community in Stamford, Conn., for $73 million.

Building and Land Technology (BLT) sold the five-story property, which forms part of the developer’s Harbor Point mixed-use neighborhood in the New York City suburb.

The sale price translates to $334,862 per unit for the asset, which was completed in 2018 and is currently 95 percent leased. Located at 28 and 30 Southfield Ave., the property sits on a nearly 3-acre waterfront site and offers studio, one- and two-bedroom apartments. Lincoln Property Co. will manage the community.

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A JLL Capital Markets team of Jose Cruz, Steve Simonelli, Michael Oliver, and Kevin O’Hearn brokered the deal, which marks the second-largest multifamily sale in Stamford so far this year, according to Yardi Matrix.

AJH Management set the record with its acquisition of 101 Park Place, a 336-unit community within Harbor Point, from Barings for $105 million last month.

BLT noted earlier this year that new leases at Harbor Point have surged since March 2020, with relocating New Yorkers comprising one in three new renters at the sprawling development in Stamford’s South End.

The privately held real estate firm told Multi-Housing News in January that it had a waitlist of 700 interested renters shortly after kicking off pre-leasing at its 435-unit luxury apartment tower, Escape.

Competitive price

The newly traded property is located on the west side of Stamford Harbor, less than 1 mile from the city’s transportation hub, which offers Metro-North Railroad service to New York City as well as Amtrak train and bus services. Rental units in the community range from $1,800 to $2,800 a month.

Common amenities include a resort-style pool, club room, fitness center and sundeck, along with direct views of Harbor Point and the Long Island Sound. Monday Properties and neo capital said in a statement that they acquired the property at a “very competitive” rate per square foot given the current multifamily prices in the Stamford area.

Monday Properties owns, operates, develops and invests in a mixed-use portfolio that includes more than 4.5 million square feet of office space as well as 2,200 multifamily units completed or in the pipeline. The company broke ground on a 300-unit, Class A apartment building in Alexandria, Va., in May of last year.

Founded in 2015, neo capital is an independent investment advisory and asset management firm with a client base that includes ultra-high-net-worth individuals around the world. The company has nearly $1 billion of assets under management, with several projects underway in the U.S. and Western Europe.