Waterton Associates LLC, a U.S. real estate investor and operator, announced the acquisition of 75 Tresser Apartments, a 344-unit community located in downtown Stamford, Conn. 75 Tresser is the fourth property purchased by Waterton in 2014.
Waterton purchased the community on behalf of its institutional investors and in conjunction with Clal US, a co-investment partner. Clal US is a wholly owned subsidiary of Clal Insurance (CLIS:IT), a publicly traded insurance company, pension fund manager and one of Israel’s largest financial institutions. Waterton Residential, Waterton’s property management division, will assume lease up and management of the property in 90 days.
“We are happy to be entering the dynamic Stamford market with the purchase of 75 Tresser,” said Max Peek, senior vice president, East Coast acquisitions, at Waterton Associates. “It is a well-constructed, luxury building in an excellent location.”
75 Tresser is a Class-A midrise community with 344 apartments consisting of studio and one-, two- and three-bedroom apartments. Residences feature wood flooring, oversized windows, energy efficient appliances, glass tile backsplashes, programmable thermostats, Juliet balconies and wood decks or patios. The recently constructed property features the most extensive on-site amenities available in Stamford, including two courtyards; a heated pool; a 5,000-square-foot fitness center; 8,000 square feet of tenant club space with a private screening room, meeting/dining rooms, catering kitchen and business center; and 5,500 square feet of retail space.
