Waterton Sells Connecticut Community
The asset last changed hands in 2014 for $121 million.
Monday Properties has expanded its multifamily portfolio in Stamford, Conn., which it considers a growth market. The firm partnered with Washington Capital to acquire 75 Tresser for an undisclosed price.
Adam Carr, executive vice president of acquisitions and capital transactions at Monday Properties, told Multi-Housing News that the seller was Waterton, which was represented by CBRE’s Jeffrey Dunne and David Gavin. According to Yardi Matrix data, the community last changed hands when Waterton acquired it from Greenfield Partners for $120.5 million in August 2014.
The four-story community has 344 units in studio, one-, two- and three-bedroom floorplans that range from 544 to 1,528 square feet. The units were built with 9-foot ceilings and panoramic windows, with some units offering Juliette balconies, terraces or patios. Residents also have access to the Class A community’s fitness center, pool, outdoor lounge, media lounge, community lounge, coffee bar, conference room and courtyard with grills.
Located at 75 Tresser Blvd., the community is two blocks away from Stamford’s entertainment, shopping and dining district near Columbus Park. 75 Tresser is also located near the Stamford train station that gives residents a roughly hour-long commute into New York City through the Metro North commuter line as well as access to Amtrak’s Northeast Corridor line.
The Stamford community is almost fully occupied at 95 percent, but the firm is planning some enhancements to the building’s amenity programming. Frank Craighill, vice president of development at Monday Properties, said in prepared remarks that the firm is also in the early stages of planning significant renovations throughout the units, which includes new flooring and bathroom fixtures.
STRONG GROWTH IN STAMFORD
Monday Properties’ acquisition of 75 Tresser is the firm’s second multifamily investment in Stamford. In April, the company partnered with neo capital to acquire Harbor Landing, a 218-unit community roughly a mile away from 75 Tresser, for $73 million. Besides its multifamily acquisitions, the firm also purchased 900 Long Ridge Road, a 224,000-square-foot office complex in Stamford where Nestle Waters North America is headquartered.
Carr said in prepared remarks that Stamford has continued to grow as a live-work-play city with some of the best restaurants, retail and entertainment options within the market, while also being a short train ride away from New York City. Carr added in his prepared remarks that growth markets like Stamford are key to the expansion of Monday Properties’ multifamily platform.