JLL Capital Markets, on behalf of KABR Group, announced the purchase of 750 Summer St. and 163 Franklin St., two boutique, mid-rise, luxury multihousing communities in Stamford, Connecticut, totaling 116 units for $41.3 million. Formerly known as The Verano and The Moderne, respectively, both are expected to receive significant upgrades to the common areas and amenities in addition to a rebranding.
“KABR is pleased to announce its second and third multi-housing purchases in Stamford. This is a continuation of our strategy to purchase additional assets in Fairfield County transit cities. The work from home trend and dynamic nature of Fairfield’s economy have made rentals there an increasingly attractive living choice,” said Ken Pasternak, CEO and Chairman of KABR Group.
JLL represented the seller, Navarino Capital Management, LLC. KABR Group acquired the asset in a joint venture with a private family office.
The two apartment complexes feature one-, two- and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets, bamboo flooring, in unit washers and dryers, high ceilings, and energy efficient appliances. Community amenities include large movie theatre screening rooms, roof decks with grills, billiards, and lounge spaces for residents, resident lounges, fitness centers and covered garage parking.
Located at 750 Summer St. and 163 Franklin St., the properties are approximately one mile from the Stamford Train Station, which provides direct access to New York City in less than one hour via the Metro North Railroad and Amtrak. They are conveniently located less than one mile from Interstate 95 and Route 1 and within proximity to Interstate 287, Route 7 and the Merritt Parkway. They are also near several other suburban employment hubs, such as Greenwich, White Plains, Norwalk and the greater Westchester/Fairfield County market. Additionally, residents benefit from the walkability to an abundance of dining, retail and entertainment options within downtown Stamford.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce.
“The Verano and The Moderne are two of highest quality boutique buildings in Stamford. We were excited to help Navarino and KABR with their business plans in this fast-paced market,” said Simonelli.
According to Greystone & Co. Associate Jared Kaufman, who worked on the financing, “Navigating today’s volatile environment presents various hurdles. We were thrilled to take one of those variables off the table, getting both loans rate locked early in the process, and prior to the recent run up in treasuries. The entire KABR team was a pleasure to work with, and we are excited to watch, and assist with their continued growth in the Stamford market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.