Chicago, IL – August 18, 2014 – Waterton Associates L.L.C. (“Waterton”), a U.S. real estate investor and operator, is pleased to announce the acquisition of 75 Tresser Apartments, a 344-unit community located in downtown Stamford, Connecticut. 75 Tresser is the fourth property purchased by Waterton in 2014.
Waterton purchased the property 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.
Max Peek, Senior Vice President, East Coast Acquisitions, noted, “We are happy to be entering the dynamic Stamford market with the purchase of 75 Tresser. It is a well-constructed, luxury building in an excellent location.”
75 Tresser is a class-A mid-rise community with 344 apartments consisting of studio and one, two and three bedroom units. Unit interiors offer wood flooring, oversized windows, energy efficient appliances, glass tile backsplashes, programmable thermometers, Juliet balconies and wood decks or patios. The recently-constructed property features the most extensive on site amenities in Stamford, including a heated pool, 5,000 square-feet fitness center, two courtyards, 8,000 square-feet of tenant club space with a private screening room, meeting/dining rooms, catering kitchen, business center and 5,500-square-feet of retail space.
75 Tresser offers a highly desirable pedestrian oriented urban lifestyle with easy access to multiple modes of transportation. The property is located just two blocks from the Stamford Transportation Center with easy access to Amtrak, Metro North and CT Transit and less than a quarter mile from the I-95 entry ramp. Stamford has emerged as the economic epicenter of Fairfield County due to its easy access to Greenwich, Norwalk, Bridgeport, Danbury, and New Haven, as well as Westchester County and New York City and as the home to the corporate headquarters of GE Capital, Starwood Hotels & Resorts, Pitney Bowes and Kayak.com.
Waterton Associates L.L.C. (“Waterton”) is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality.
Waterton has a proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets around the United States. Since its formation, the company has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. As of June 30, 2014, Waterton’s portfolio included over $3.7 billion in assets including approximately 20,000 multifamily units and 11 hotels. For more information, please visit www.WatertonAssociates.com.