Capri Capital Partners, LLC (“Capri”), on behalf of an institutional investor, has acquired 101 Park Place at Harbor Point, a high-quality, Class-A core multifamily asset located in one of the most high-profile multi-billion-dollar mixed-use developments in the country.
Opened in 2010, 101 Park Place was the first new luxury apartment building in Harbor Point, an 80-acre transit-oriented community still under development in Stamford, Connecticut. The 15-story, 336-unit luxury building has a high retention ratio and a 94% average occupancy.
Residents have dramatic, unobstructed views of the Long Island Sound from each side of the building, and enjoy several amenities including a roof-top terrace and large pool deck. Units range from one to three-bedrooms, and the overall unit size averages 867 square feet. The property was developed by Building Land & Technology (BLT) and partner Lupert-Adler Real Estate Funds.
When complete, the Harbor Point community will include approximately two million square feet of space for office and retail tenants, 4,000 units of housing, restaurants, a full-service marina, new parkland and a public river walk along the Mill River on the western side of the development.
“We are excited to be investing in Stamford within the city’s newest and most vibrant residential neighborhoods,” said Ken Lombard, Partner of Investments for Capri. “The BLT team has earned a reputation as one of Stamford’s most highly regarded developers, owners and operators. We are excited to acquire this property from BLT and elevate its presence and competitiveness in this dynamic and thriving neighborhood.”
“Capri’s investment strategy is to actively acquire high-quality Class-A properties in high barrier markets with supply-demand imbalances and strong economic, demographic and income trends,” said Dori Nolan, Principal of Investments for Capri. “101 Park Place is truly an iconic multifamily asset that meets our investment strategy and will be highly complementary to our investor’s real estate portfolio.”
About Capri Capital Partners
Capri Capital Partners, LLC is an SEC registered institutional real estate investment advisory firm which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt products to its clients through separate account, commingled fund, and joint venture formats. Over its 21 year history, Capri has developed a distinct capability in multifamily residential and urban investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $3.6 billion as of September 30, 2013. Capri is headquartered in Chicago, with additional offices in Los Angeles and the New York area. For more information, visit the company’s website www.capricapital.com.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
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Emily Heidt, (310) 974-6682