Stamford Advocate 12/30/19: An apartment building in the Harbor Point complex in the South End has sold for $90 million in one of the city’s largest property deals this year.
Manhattan-based real estate investor Clarion Partners sold the approximately 240-unit Infinity tower, at 201 Commons Park South, to two limited liability companies that list their business address with Lakewood, N.J.-based AJH Management, according to city property records.
Messages left for Clarion and AJH were not immediately returned Monday.
The website for the downtown Wescott apartments, at 1455 Washington Blvd., lists AJH Management as the property’s manager. Records on other sites such as the Better Business Bureau’s indicate AJH’s portfolio also includes apartment complexes in Pine Hill, N.J., and Towson, Md.
Clarion made the sale about six-and-a-half years after it acquired the property for approximately $99 million from a joint venture between Stamford-based developer Building and Land Technology and Lubert-Adler Real Estate Funds. The total compares with an approximately $91 million valuation in the Vision Appraisal property database.
In the previous sale of Harbor Point apartment buildings, BLT sold five towers to Manhattan-based Gaia for nearly $400 million in December 2016. That transaction represents the city’s largest property sale of the past 10 years.
BLT has developed Harbor Point in the past decade, constructing more than 3,000 apartments across approximately 100 acres along the South End’s waterfront. Its newest apartment tower, the 435-unit Allure, opened this year.
In addition to the apartment buildings, Harbor Point includes several office buildings and more than 30 retailers, with about 15 restaurants.
The Stamford real estate market has seen a number of other major residential sales this year.
Leading those transactions, the downtown apartment complex at 50 Forest St. was sold for $105 million in the past quarter.
Late spring saw the $50 million sale of the Baypointe apartment complex in the city’s Waterside section.
In early spring, the downtown Stamford Corners complex changed hands for $60 million.
In the city’s largest residential or office-building sale of 2019, Royal Bank of Scotland sold for $163 million in June the downtown office tower, at 600 Washington Blvd., to Philadelphia-based real estate investment firm Rubenstein Partners.
Such sales produce six-figure revenues for local and state governments. Infinity’s sale respectively, netted the city $448,500 and the state $675,000 in conveyance taxes.