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Gaia leads biggest sale of the year in Stamford

A joint venture between GAIA Real Estate, French firm CAPSSA and Israeli investors Menora Mivtachim Insurance, Amitim Senior Pension Funds, Psagot Investment House has bought five luxury apartment buildings in Stamford, Connecticut.

The buildings, which have a combined 1,214 apartments, were bought for $395 million. The towers in the portfolio are scattered across Harbor Point, the site of one of the state’s healthiest building booms. It includes Postmark, 111 Harbor Point, Vault, The Key at Yale & Towne and the Lofts at Yale & Towne. The seller is Building and Land Technology and Lubert-Adler Real Estate.

“GAIA was drawn to the unique modern live-work-play environment at Harbor Point. BLT and Lubert Adler deserve much credit for establishing a true neighborhood with a proven ability to attract residents, exciting retailers, and a diverse array of corporate users,” said Danny Fishman, GAIA’s managing Partner.

“The quality of the buildings, their amenities, and their proximity to both New York City and local job markets make this a compelling long-term core investment with substantial upside.”

The transaction is the largest in Stamford since the recession, according to the Connecticut Post. It significantly reduces the footprint of Building and Land and Technology, which has been one of the most active developers in the area.

Nonetheless, it has a few large residential projects nearing completion in Harbor Point. The firm has a 400-unit residential complex on Washington Boulevard that is scheduled to open in 2017. According to the Stamford Advocate, the firm plans to build another 2,400 units in Harbor Point.

“Apartments in Stamford are increasingly viewed as an attractive investment by sophisticated institutional investors, and we’re pleased that GAIA shares our confidence in Harbor Point and the South End,” said Carl Kuehner, BLT’s CEO.

“We’re excited to continue developing Harbor Point, and we continue to be bullish on the real estate market in Stamford.”

GAIA recently completed Nine52, a luxury condo project in Hell’s Kitchen. The seven-story building, which was once the location for St. Vincent’s Hospital, contains 155 units, with prices starting at under $1 million for one-bedroom apartments.

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