Home Fairfield Pacific Urban Residential acquires 306-unit luxury property in Stamford

Pacific Urban Residential acquires 306-unit luxury property in Stamford

Pacific Urban AVA StamfordPacific Urban Residential has acquired AVA Stamford, a Class A, 18-story, 306-unit luxury residential property in Stamford, from AvalonBay Communities for an undisclosed amount.

JLL marketed the property at 50 Forest St. on behalf of AvalonBay, which developed the asset as Avalon at Greyrock Place. The JLL Capital Markets team representing the seller included Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman.

The property, which was 95 percent occupied at closing, features a mix of one-, two- and three-bedroom units averaging more than 1,000 square feet.

Pacific Urban Residential, headquartered in Palo Alto, California, established a New York office in late 2018 with a focus on the Fairfield County, New York, and northern New Jersey markets. The firm said it is under contract to acquire a third, unspecified Northeast property, following the Stamford deal and another acquisition in New Providence, New Jersey.

In June, AvalonBay began construction on a $77 million, 143-unit apartment community in Harrison, New York.

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