By Joshua Burd
KABR Group has made two additions to its luxury apartment portfolio in Stamford, Connecticut, acquiring 116 units in a set of deals by JLL’s Morristown-based capital markets team.
The private equity firm, which is based in Ridgefield Park, paid a combined $41.3 million for the properties at 750 Summer St. and 163 Franklin St. It’s now slated to rebrand and upgrade the properties known as The Verano and The Moderne, respectively, with a focus on their common areas and amenity spaces.
JLL represented the seller, Navarino Capital Management LLC, in the deal with KABR Group and a private family office. Greystone & Co. provided acquisition financing.
“KABR is pleased announce its second and third multifamily purchases in Stamford,” said Ken Pasternak, chairman and CEO of KABR Group. “This is a continuation of our strategy to purchase additional assets in Fairfield County transit cities. The work from home trend and dynamic nature of Fairfield’s economy have made rentals there an increasingly attractive living choice.”
JLL’s Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce brokered the transaction. In announcing the deal, the buyer and brokerage team noted that the midrise buildings include one-, two- and three-bedroom units with high-end materials, finishes and appliances, plus amenities such as screening rooms, roof decks, resident lounges and fitness centers.
Both assets are around one mile from the Stamford train station, which provides direct access to New York City in less than one hour via the Metro-North Railroad and Amtrak.
“The Verano and The Moderne are two of highest-quality boutique buildings in Stamford,” Simonelli said. “We were excited to help Navarino and KABR with their business plans in this fast-paced market.”
The properties are also less than a mile from Interstate 95 and Route 1, with proximity to other major highways, while residents benefit from downtown Stamford’s walkable mix of dining, retail and entertainment options.
“Navigating today’s volatile environment presents various hurdles,” said Jared Kaufman, an associate with Greystone. “We were thrilled to take one of those variables off the table, getting both loans rate locked early in the process, and prior to the recent run up in treasuries. The entire KABR team was a pleasure to work with and we are excited to watch, and assist, with their continued growth in the Stamford market.”