Monday Properties and neo capital today announced their joint venture acquisition of Harbor Landing, a five-story, 95% leased Class A multifamily asset in Stamford, Connecticut. The property provides direct access to a growth market that remains highly resilient to economic downturns. Despite the turbulent market conditions brought on by COVID-19, the asset has remained extremely attractive to prospective residents.
“The Harbor Landing acquisition is a major milestone for us and a testament to our commitment to building our multifamily portfolio,” said Adam Carr, Executive Vice President of Investments at Monday Properties. “The property features exceptional, high-quality finishes, state of the art amenities, and provides access to a competitive, growing market that has not only survived but thrived during COVID-19.”
Harbor Landing sits on almost three acres of waterfront property within the Harbor Point neighborhood and features studio, one- and two-bedroom apartments with high-quality finishes. Residents experience premium amenities like a resort-style pool, a club room, a fitness center and an expansive outdoor sundeck equipped with fire pits, outdoor TVs and grills at an attractive rental rate. Residents also enjoy direct views of Harbor Point and the Long Island Sound.
The property was acquired at a very competitive rate per square foot given prevailing multifamily real estate prices in the Stamford area and will be managed by Lincoln Property Company. The JLL Capital Markets team of Jose Cruz, Steve Simonelli, Michael Oliver, and Kevin O'Hearn brokered the transaction.
A representative from neo capital said, “Harbor Landing is a strategic investment for neo and provides access to one of the best multifamily markets in the nation. It speaks to the strength of our partnership with Monday Properties and our continued confidence in the multifamily sector.”
Located at 28 and 30 Southfield Ave, Harbor Landing is situated less than one mile from the Stamford Transportation Center offering Metro North Train service to New York City, as well as Amtrak train and bus services throughout the state. The property offers a substantial discount for New York City multifamily renters—rental units range from $1,800to $2,800 a month. For more information, please visit www.hlandingapts.com/.
About Monday Properties:
Monday Properties is a vertically integrated real estate investment firm that owns, operates, develops and invests in a dynamic portfolio of mixed-use properties. Since 2002, the firm has completed over 70 property transactions representing30 million square feet and $14 billion in capital value. Monday Properties uses their comprehensive strategy based on high-growth markets and opportunistic investments to deliver unique commercial and residential investment offerings that transform communities and focus on connectivity. The company’s current portfolio totals more than 4.5 million square feet of commercial office space, as well as 2,200 multi-family units that are either developed, planned or under construction. For more information on Monday Properties, please visit www.mondayre.com.
About neo capital:
neocapital is an independent Investment Advisory and Asset Management company. It has strong expertise in sourcing and managing real estate investments globally and has nearly $1 billion of assets under management. The company has several projects underway in the U.K., Western Europe and U.S., and aims to double its AUM over the next 3 years.
neocapital’s philosophy is to provide best in class investment opportunities to their clients so they can gain exposure to U.K., Western European and U.S. real estate markets.