Institutional Buyer Pays $99M for Stamford Apartments

Clarion Partners has acquired Infinity Harbor Point, a 242-unit apartment high rise in Stamford, for $98.8 million.

Stamford, Conn.—Clarion Partners has acquired Infinity Harbor Point, a 242-unit apartment high rise in Stamford, for $98.8 million. The seller was Harbor Point Holding Co., a joint venture between Building & Land Technology, which developed the property, and Lubert-Adler Real Estate Funds.

Completed only in 2012, the property is now 96 percent occupied, according to Clarion Partners. Rental rates for the units, which average about 1,000 square feet, range between $2,500 and more than $2,900 per month.

At 22 stories, Infinity Harbor Point is the tallest building on the Stamford waterfront, offering views of Long Island Sound. The high rise is part of Harbor Point, a mixed-use development currently with more than 1,350 apartments, 400,000 square feet of office space and 130,000 square of retail, including Connecticut’s only Fairway Market, and other projects under way.

Building & Land Technology is at work on other apartment developments at Harbor Point, including the 107-unit 110 Town St., and the 403-unit 301-401 Park. According to the company, it plans to eventually develop about 4,000 residential units at Harbor Point.

Clarion Partners managing director Brian Watkins lead the team representing the buyer in the deal. CBRE’s Jeff Dunne and Christopher Leonard represented the JV seller.