JLL Capital Markets, on behalf of KABR Group, has announced the purchase of 750 Summer St. and 163 Franklin St., two mid-rise multi-unit luxury communities in Stamford, Connecticut, totaling 116 units for $41.3 million of dollars. Formerly known as The Verano and The Moderne, respectively, the two are set to receive significant upgrades to common areas and amenities in addition to a rebrand.
“KABR is pleased to announce its second and third multi-unit purchases in Stamford. This is a continuation of our strategy of purchasing additional assets in transit towns in Fairfield County. The work-from-home trend and the dynamic nature of Fairfield’s economy have made renting an increasingly attractive lifestyle choice,” said Ken Pasternak, CEO and President of KABR Group.
JLL represented the seller, Navarino Capital Management, LLC. The KABR group acquired the asset in a joint venture with a private family office.
Both apartment complexes feature one-, two-, and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets, bamboo floors, washers and dryers, high ceilings, and energy-efficient appliances . Community amenities include large movie theaters, rooftop terraces with grills, billiards, and resident lounging areas, resident lounges, fitness centers, and covered parking.
Located at 750 Summer St. and 163 Franklin St., the properties are approximately one mile from Stamford Station, which provides direct access to New York in less than an hour via the Metro North Railroad and Amtrak. They are conveniently located less than a mile from Interstate 95 and Route 1 and close to Interstate 287, Route 7 and Merritt Parkway. They are also close to several other suburban employment hubs, such as Greenwich, White Plains, Norwalk and the large Westchester/Fairfield County Market. Additionally, residents benefit from being within walking distance of an abundance of dining, retail and entertainment options in 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 Modern are two of the highest quality boutique buildings in Stamford. We were excited to help Navarino and KABR with their business plans in this rapidly changing market,” said Simonelli.
According to Jared Kaufman, partner at Greystone & Co., who worked on the financing, “Navigating in today’s unstable environment presents various obstacles. We were happy to take one of those variables off the table, getting loan rates locked in early in the process and before the recent rise in Treasuries. It was a pleasure working with the entire KABR team, and we are excited to watch them and help them continue to grow in the Stamford market.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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