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| Jose Cruz |
MORRISTOWN, NJ – JLL
announces that it has closed the sale of AVA Stamford, a Class A,
18-story, luxury residential tower in downtown Stamford, Connecticut.
JLL marketed the property on
behalf of the seller, AvalonBay Communities, Inc. West Coast-based Pacific
Urban Residential (“PUR”) purchased the asset.
The transaction represents PUR’s second investment in the East during the past 90 days.
The transaction represents PUR’s second investment in the East during the past 90 days.
Located at 50 Forest Street, AVA
Stamford offers panoramic city views in a transit-oriented, urban infill
location in the heart of downtown Stamford.
 |
| Stephen Simonelli |
Completed in 2001,
the institutionally maintained tower features a diverse mix of one-, two- and
three-bedroom units averaging over 1,000 square feet.
Residences are
equipped with in-unit washers and dryers and walk-in closets with some units
also outfitted with dens and patios or balconies.
Community amenities
include an outdoor heated pool, fitness center, resident clubhouse with TV
lounge and kitchen, covered parking and an attached 1.1-acre private park with
tennis courts. The property was 95 percent occupied at closing.
 |
| Kevin O'Hearn |
“AVA Stamford attracted multiple
investors, including both institutional capital and private buyers given the
strategic location and potential upside of the asset,” Cruz stated.
JLL Capital Markets is a
full-service global provider of capital solutions for real estate investors and
occupiers.
The firm’s in-depth
local market and global investor knowledge delivers the best-in-class solutions
for clients — whether a sale, financing, repositioning, advisory or
recapitalization execution.
 |
| Andrew Scandalios |
For more news, videos and research
resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler
LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage
services provided by Jones Lang LaSalle Americas, Inc.
 |
| Michael Oliver |
About AvalonBay Communities,
Inc.
AvalonBay Communities, Inc. is in
the business of developing, redeveloping, acquiring and managing high-quality
apartment communities in the high barrier-to-entry markets of the United
States.
These markets are
located in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest and Northern
and Southern California regions of the country.
 |
| Mark Mahasky |
Founded in 1998 by apartment
investors George Marcus and Al Pace, Pacific Urban Residential (“PUR”)
owns and operates $4.1 billion of apartment communities on behalf of its own
account and strategic partners.
PUR actively transacts over $1.5 billion annually. For further information, visit www.purapts.com.
PUR actively transacts over $1.5 billion annually. For further information, visit www.purapts.com.
 |
| George Marcus |
JLL (NYSE: JLL) is a leading
professional services firm that specializes in real estate and investment
management.
Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.
In doing so, we will build a better tomorrow for our clients, our people and our communities.
JLL is a Fortune 500
company with annual revenue of $16.3 billion, operations in over 80 countries
and a global workforce of over 91,000 as of March 31, 2019.
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| Al Pace |
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