Deals

Lubert-Adler JV sells Connecticut portfolio for $400m

The buyers are a group of Israeli and French investors that are betting on the Stamford multifamily market.

-

Philadelphia-based private equity real estate firm Lubert-Adler has sold five multifamily buildings in Stamford, Connecticut for $400 million, according to an announcement Tuesday.

Lubert-Adler, along with its joint venture partner, Stamford-based Building and Land Technology, sold the assets to an international investor group led by New York and Houston-based real estate investment firm GAIA Real Estate. A spokesman for BLT declined to comment on the equity split between the sellers.

GAIA’s investor group included CAPSSA, a French pension, and Tel Aviv-based investors Menora Mivtachim Insurance, Amitim Senior Pension Funds and Psagot Investment House, all of which had previously invested with GAIA in the US, according to Danny Fishman, a managing partner at GAIA.

The portfolio comprises five Class A buildings in Stamford that BLT developed from vacant sites or former industrial spaces over the past seven years: Postmark, 111 Harbor Point; Vault; The Key at Yale & Towne; and The Lofts at Yale & Towne.

BLT plans to continue developing these sites at Harbor Point, a former industrial waterfront area that it began redeveloping into an 80-acre mixed-use neighborhood in 2009. About 400 apartment units are under construction, and the firm could build 2,000 more units. The area also includes 16 restaurants and multiple marinas, according to Harbor Point’s website.

Lubert-Adler previously held an undisclosed equity stake in the assets. It is unclear on behalf of which vehicle the Philadelphia-based firm made its investment.

“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,” Fishman said in Tuesday’s statement. “We strongly believe in Stamford – its high quality of life and relative affordability is unrivaled within the New York City [metropolitan area]. We look forward to working in partnership with BLT as they continue to build out the Harbor Point project.”