Sale of multi-housing community in Connecticut closes
JLL Capital Markets completed the sale of the 209-unit Vela on the Park located in downtown Stamford, Connecticut
MORRISTOWN, NEW JERSEY, March 11, 2022 – JLL Capital Markets announced today that it has closed the sale of Vela on the Park, a 209-unit, luxury, high-rise apartment community in downtown Stamford, Connecticut.
JLL represented the seller, a partnership between an afilliate ofTrinity Financial, Inc. and Berkshire Residential Investments. Carmel Partners acquired the asset.
The 19-story Vela on the Park consists of studios, one- and two- bedroom units, along with luxury penthouses. The units feature full-size washers and dryers, spacious closets, spa-inspired bathrooms, quartz countertops, stainless steel appliances and oversized windows. Community amenities include a rooftop deck with barbecue grills, a state-of-the-art fitness center, a yoga and wellness studio, a pet spa and dog wash station, a solarium with reading nooks and a media center, a resident lounge, work pods and an old-school arcade.
Located at 1011 Washington Blvd., the property sits directly across from Mill River Park, a 26-acre green space, and is proximate to numerous restaurants, entertainment venues and retail shops. The community is an eight-minute walk to the Stamford Train Station, which allows an easy commute to mid-town Manhattan, and less than one half mile from Interstate 95, which provides convenient access to Westchester County, Manhattan and the greater New York metro area.
The JLL Capital Markets Sales and Advisory team was led by Senior Managing Director Jose Cruz, Managing Directors Steve Simonelli and Michael Oliver and Senior Managing Director Kevin O’Hearn.
“Stamford continues to be one of the strongest and most active markets in the Northeast. The exceptional quality and location of Vela on the Park drew interest from a variety of institutional investors,” stated Simonelli.
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.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Trinity Financial, Inc.
Trinity Financial is a community-driven, diverse real estate development firm with a proven-track record of redeveloping complex urban sites from New York to Greater Boston. Trinity’s work spans half a dozen residential and commercial specialties, from multi-family housing to transit-oriented development. Over the past 35 years Trinity has completed over $3 billion in innovative development, delivering high quality, sustainable, multi-family housing, ranging from affordable to luxury -- all with a commitment to people and place. For more information on Trinity, please visit trinityfinancial.com.
About Berkshire Residential Investments
Berkshire Residential Investments is a vertically integrated residential real estate investment and property management company with over 50 years of experience. Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge investment strategies, and hands-on development and operational experience. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, Dallas and San Francisco. As of September 30, 2021, Berkshire had approximately $18.3 billion in gross assets under management1. For more information on Berkshire, please visit berkshireresi.com.
1 Includes unfunded capital commitments for discretionary investment vehicles.