KABR Group expanded its portfolio in Connecticut, with the acquisition of two boutique multi-housing communities in Stamford for $41.3 million, the firm announced April 1.
JLL announced April 4 it represented the seller, Navarino Capital Management LLC, in the transaction. KABR acquired the properties in a joint venture with a private family office and secured debt from Greystone & Co.
The JLL Capital Markets Debt Advisory team that represented Navarino was led by Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce.
KABR Group has made its second and third multifamily acquisitions in Connecticut: The Verano and The Moderne located at 163 Franklin St. and 750 Summer St., respectively, in Stamford. – JLL
“KABR is pleased announce its second and third multifamily purchases in Stamford,” Ken Pasternak, CEO and chairman of the Ridgefield Park-based company, said in a statement. “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.”
Together, The Verano and The Moderne boast 116 units and locations approximately one mile from the Stamford Train Station at 750 Summer St. and 163 Franklin St., respectively. Each mid-rise community is expected to see significant upgrades to common areas and amenities, in addition to a rebranding, KABR said.
Adding to the appeal of a walkable downtown, access to transit and nearby by major roadways — less than a mile from Interstate 95 and Route 1 with proximity to Interstate 287, Route 7 and the Merritt Parkway — the communities offer granite countertops, stainless steel appliances, in-unit washers and dryers and more across their one-, two- and three-bedroom layouts.
Community amenities include a large movie screening room, roof-top decks with grills, resident lounges, fitness centers, covered garage parking and more.
“Navigating today’s volatile environment presents various hurdles,” Greystone & Co. Associate Jared Kaufman said. “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.”
Editor’s Note: This story was updated at 11:05 a.m. EST on April 5, 2022, to identify the JLL Capital Markets group that represented the seller as the Debt Advisory, not Sales and Advisory, team.
