Clarion Partners has purchased Infinity Harbor Point, a 242-unit, Class-A high rise multifamily residential property in Stamford, Connecticut for $98.8 million.
The newly-constructed, 22-story property is one-half mile from the Stamford Metro Train Station. Commuters can travel to Manhattan via a 50-minute express Metro North New Haven Line train.
Complimentary shuttle service to and from the station is available to Infinity Harbor Point residents.
Infinity Harbor Point, the tallest building on the Stamford waterfront, is located in Harbor Point, a transit-oriented, mixed-use development with more than 1,350 new apartments, 400,000 s/f of new Class-A office space and 130,000 s/f of retail and dining including Connecticut’s only Fairway Market and ten new restaurants.
Currently, the property is approximately 96% leased.
“This is a ‘best-in-class’ asset with superior unit finishes and property amenities,” commented Brian Watkins, a managing director at Clarion Partners and the lead acquisitions officer for the transaction.“It was designed for residents seeking a 24-hour lifestyle in an urban location with easy access to employment centers, mass transit, restaurants, and retail shopping.”
Jeff Dunne and Christopher Leonard of CBRE’s New York Institutional Group represented the sellers, a joint venture between Building & Land Technology and Lubert-Adler Real Estate Funds.
Commented Dunne, “What BLT has created in Harbor Point has made Stamford the residential location north of Manhattan and solidified Stamford’s 24/7 credentials. The combination of Fortune 500 employment, major retail and lifestyle amenities, and a transit-oriented location within one-half mile of the Stamford Transportation Center is drawing new tenants to Stamford at an exciting rate.
“Harbor Point and the South End are still growing, but the success to date is undeniable as proven through Infinity and the earlier sale of the LockWorks at Yale & Towne, both to institutional investors.”