Israeli Financial Institution Buys 75 Tresser Apartment Complex for $121 Million

Clal Insurance (CLIS:IT), a publicly traded insurance company, pension fund manager and one of Israel’s largest financial institutions, has acquired 75 Tresser, a multi-family rental apartment community in downtown Stamford, for approximately $121 million.

Clal, with more than $40 billion in assets under management, purchased 75 Tresser through a joint venture with Waterton Associates L.L.C., headquartered in Chicago. Waterton will retain a 51 percent stake in the project, while Clal will own the remaining 49 percent. Waterton will manage the building following the initial leasing period. The complex is on the site of the headquarters of the former Southern Connecticut Newspapers Inc. which published The Advocate and Greenwich Time at the corner of Tresser and Washington boulevards.

Here is the statement issued by Clal:

The acquisition of 75 Tresser marks Clal’s fourth purchase since December 2012 when it acquired a 49 percent stake in One South Wacker, a 40-story commercial skyscraper in Chicago with 1.2 million-square-feet of office space. In February 2014, Clal and Waterton closed on Infinity Apartments, a 100-unit, one- and two-bedroom apartment community at 340-342 Old River Road in Edgewater, NJ; the six-story “Gold Coast” property is experiencing a brisk lease-up under the new management. Most recently, Clal acquired Harper Court, a newly constructed mixed-used office and retail complex in Chicago’s Hyde Park neighborhood with a 20-year master lease to the University of Chicago.

“Clal is on track to expend our portfolio of quality multifamily properties in prime commuter markets,” said Tamir Kazaz, CEO of Clal US, the wholly-owned subsidiary of Clal Insurance. “We are particularly dedicated to growing a multifamily portfolio in the Tri-State area, where we see immense value.”

75 Tresser is a 344-unit, studio- to three-bedroom mid-rise apartment rental community. The four-story residential rental building contains 90 percent market-rate and 10 percent affordable units. In addition, the building includes 5,500-square-feet of retail space with a two-story parking lot. The building also features high-end amenities including a 9,000-square-foot resident’s lounge, a 5,000-square-foot fitness center, pool, two courtyards, a private screening room, meeting/dining rooms, a catering kitchen and business center. Interior unit features include designer kitchens with stainless steel appliances, Moen fixtures and glass tile backsplash, elevated 9-foot ceilings, wood-style floors, in-unit washer dryer and stunning panoramic windows. 75 Tresser is located just two blocks from the Stamford Transportation Center with easy access to Amtrak, Metro North and CT Transit. The initial lease up is already underway with leasing handled by Bozzuto Management.

For more information on Clal and its subsidiaries, visit https://www.clalbit.co.il. For more information about 75 Tresser, visit http://75tresser.com/.

Photo: from 75tresser.com.