JLL closes sale of residential tower in Stamford
306-unit luxury multifamily building offers panoramic city views and nearby transit access
MORRISTOWN, N.J., July 29, 2019 – JLL announces that it has closed the sale of AVA Stamford, a Class A, 18-story, luxury residential tower in downtown Stamford, Connecticut.
JLL marketed the property on behalf of the seller, AvalonBay Communities, Inc. West Coast-based Pacific Urban Residential (“PUR”) purchased the asset. The transaction represents PUR’s second investment in the East during the past 90 days.
Located at 50 Forest Street, AVA Stamford offers panoramic city views in a transit-oriented, urban infill location in the heart of downtown Stamford. The property boasts a Walk Score® of 94 due to its proximity to numerous restaurants and shops as well as the Metro North and Amtrak train stations. Completed in 2001, the institutionally maintained tower features a diverse mix of one-, two- and three-bedroom units averaging over 1,000 square feet. Residences are equipped with in-unit washers and dryers and walk-in closets with some units also outfitted with dens and patios or balconies. Community amenities include an outdoor heated pool, fitness center, resident clubhouse with TV lounge and kitchen, covered parking and an attached 1.1-acre private park with tennis courts. The property was 95 percent occupied at closing.
The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman.
“AVA Stamford attracted multiple investors, including both institutional capital and private buyers given the strategic location and potential upside of the asset,” Cruz stated.
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 a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About AvalonBay Communities, Inc.
AvalonBay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country.
About Pacific Urban Residential
Founded in 1998 by apartment investors George Marcus and Al Pace, Pacific Urban Residential (“PUR”) owns and operates $4.1 billion of apartment communities on behalf of its own account and strategic partners. PUR actively transacts over $1.5 billion annually. For further information, visit purapts.com.