JLL Capital Markets, on behalf of the Capper Group, has announced the purchase of 750 Summer Street and 163 Franklin Street, two luxury, mid-rise, and luxury communities in Stamford, Connecticut, for a total of 116 residential units for $41.3 million. Previously known as The Verano and The Moderne, respectively, both are expected to receive major upgrades in common areas and amenities as well as a rebranding.
KABR is pleased to announce its second and third purchase of multiple residences in Stamford. This is a continuation of our strategy to purchase additional assets in the transit towns of Fairfield County. Ken Pasternak, CEO and Chairman of the KABR Group, said working from home and the dynamic nature of the Fairfield economy have made rentals there an increasingly attractive living option.
JLL represented the seller, Navarino Capital Management, LLC. The Capper Group acquired the asset in a joint venture with a private family office.
The two apartment complexes have one, two and three bedroom units with granite countertops, stainless steel appliances, large wardrobes, bamboo floors, in-unit washers and dryers, high ceilings, and energy efficient appliances. Community amenities include large screening rooms for movie theaters, roof decks with grills, billiards, lounge spaces for residents, residents’ lounges, fitness centers, and covered parking.
The estates are located at 750 Summer St. and 163 Franklin St. It is approximately one mile from Stamford Train Station, which provides direct access to New York City in less than an hour via the North Railroad and Amtrak. It is located less than one mile from Interstate 95 and Route 1, and close to Interstate 287, Route 7, and the Merritt Parkway. It is also located near many other suburban employment centers, such as Greenwich, White Plains, Norwalk and the larger Westchester/Fairfield County Market. Additionally, residents benefit from walkable access to an abundance of dining, retail and entertainment options in downtown Stamford.
The sales and advisory team at JLL Capital Markets representing the seller was led by Steve Simonelli, Jose Cruz, Steve Rottman, Chris Hugh, Michael Oliver, Kevin Ohearn and Austin Pierce.
“The Verano and The Moderne are two of the highest quality boutique buildings in Stamford. We were excited to help Navarino and KABR with their business plans in this fast-paced market,” Simonelli said.
And according to Jared Kaufman, associate at Greystone & Co. , who has worked in finance, said, “Navigating today’s volatile environment presents various obstacles. We were thrilled to have one of these variables removed from the table, closing the loan rate early in the process, and before the recent surge in Treasuries. The team was pleased KABR has the entirety to work with, and we are excited to watch and help their continued growth in the Stamford Market.”
JLL Capital Markets is a global, full-service provider of capital solutions for real estate investors and residents. The company’s in-depth local market and knowledge of global investors provide the best solutions for clients – whether it’s investment and sales advisory, debt advisory, equity advisory or recapitalization. The company has more than 3,000 capital markets professionals around the world and has offices in nearly 50 countries.
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