(Read more on the multifamily market.)
NORWALK, CT-In a deal that some say is a record for a rental apartment property in Connecticut, Irving, TX-based JPI has purchased the Maritime Yards apartment and office complex here for $50.5 million. Maritime Yards LLC, a venture of Spinnaker Real Estate Partners LLC, Greenfield Partners and Summit Development, sold the complex that includes the US headquarters for Virgin Atlantic Airways.
The property consists of two five-story rental apartment buildings at 55-77 N. Water St. containing 136 rental apartment units. Approximately half of the apartments are leased. The 55-77 N. Water St. complex also includes 23,000 sf of space that includes the Virgin Atlantic space. At the time of the sale, approximately two-thirds of the commercial space was occupied.
Not included in the sale with JPI was an eight-story 61-unit condo building that was developed as part of the Maritime Yards project. Those units have all been sold.
The entire Maritime Yards complex, including the condominium property on Ann Street, cost $65 million to develop. The 3.7-acre Maritime Yards property on Norwalk's harbor was acquired by the Spinnaker venture from the City of Norwalk in 2005.
Clay Fowler, chairman and CEO of Spinnaker Real Estate Partners, reports that the sale originated from an unsolicited offer, noting that the property was not on the market for sale. “The apartment sector is very strong. We received a good offer and decided to sell this asset.” Spinnaker is nearing final approvals from the City of Norwalk on its District 95/7 project, a one-million-sf mixed-use development that is to be built on a nearly13-acre site close to the junction of Interstate 95 and Route 7.
The $400-million District 95/7 development will feature three class A office buildings totaling approximately 550,000 sf, 300 residential units, a 140-room hotel and 100,000 sf of retail space. The project is a joint venture between Spinnaker, Fred D. French Co. and Greenfield Partners.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
