HFF named to market sale of Jefferson at 55/77 Water St. in Norwalk, CT

CHICAGO, IL – The Chicago and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) have been named to market for sale Jefferson at 55/77 Water Street, a mixed-use property containing 136 multifamily units and approximately 28,000 square feet of commercial space in Norwalk, Connecticut.

Senior managing director Matthew Lawton (top left photo) and director Sean Fogarty (middle right photo) of HFF Chicago along with directors Coleman Benedict (bottom left photo) and Janet Krolman (top right photo) of HFF Boston are representing the seller, JPI, Inc.

The property is listed without a formal asking price. JPI, Inc. specializes in the acquisition, development and management of residential communities in the U.S. and Canada.

Completed in the Fall of 2007, Jefferson at 55/77 Water Street has one- and two-bedroom units averaging 869 square feet each. Units feature stainless steel appliances, bamboo floors, full-size washers and dryers and waterfront views of the Long Island Sound.

Community amenities include a 24-hour fitness center, outdoor heated swimming pool, club lounge, business center and underground and surface parking.

The residential units are currently 97% occupied and ownership has recently signed a lease with Virgin Atlantic for more than 16,000 square feet, which will be their North American headquarters.

Located on the waterfront in the South Norwalk (SoNo) area of Norwalk, Jefferson at 55/77 Water Street is adjacent to the Maritime Aquarium and within walking distance of the MetroNorth commuter rail station providing access to Grand Central Station in New York City.

“Jefferson at 55/77 Water Street (bottom right photo) is considered one of the finest multifamily assets available in today’s marketplace,” said Lawton. “It is located in SoNo, which has gone through a successful redevelopment and revitalization with a profusion of new restaurants, clubs, boutiques, antique stores and art galleries attracting young professionals and couples seeking a vibrant, trendy, pedestrian-friendly environment.”

“Given the quality of the units and the proximity to the commuter rail, ownership will be able to effectively compete within the market for the discriminating renter who will be willing to pay a premium for quality housing in a thriving, urban location,” added Benedict.

CONTACTS:

Matthew D. Lawton, HFF Senior Managing Director, 312 528 3650, mlawton@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com