MORRISTOWN, N.J., July 29, 2019 – JLL announces that it has closed the sale of AVA Stamford, a Class A, 18-story, luxury residential tower in downtown Stamford, Connecticut.

JLL marketed the property on behalf of the seller, AvalonBay Communities, Inc. West Coast-based Pacific Urban Residential (“PUR”) purchased the asset. The transaction represents PUR’s second investment in the East during the past 90 days.

Located at 50 Forest Street, AVA Stamford offers panoramic city views in a transit-oriented, urban infill location in the heart of downtown Stamford. The property boasts a Walk Score® of 94 due to its proximity to numerous restaurants and shops as well as the Metro North and Amtrak train stations. Completed in 2001, the institutionally maintained tower features a diverse mix of one-, two- and three-bedroom units averaging over 1,000 square feet. Residences are equipped with in-unit washers and dryers and walk-in closets with some units also outfitted with dens and patios or balconies. Community amenities include an outdoor heated pool, fitness center, resident clubhouse with TV lounge and kitchen, covered parking and an attached 1.1-acre private park with tennis courts. The property was 95 percent occupied at closing.

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.

“AVA Stamford attracted multiple investors, including both institutional capital and private buyers given the strategic location and potential upside of the asset,” Cruz stated.