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neo capital announces $73m JV purchase of property in US

April 14, 2021
real estate

Dubai-based neo capital, a leading asset management company, has strengthened its global asset portfolio in the US with the joint-venture acquisition of Harbor Landing, a five-storey, 95% leased Class A multi-family asset in Stamford, Connecticut.

The latest acquisition, secured in partnership with Monday Properties for $73 million, provides investors in the UAE and Gulf region with a chance to diversify their investment portfolios in a highly resilient growth market. It follows major neo capital acquisitions in Arlington Virginia and the Netherlands in 2020, and further underscores the company’s strategic trans-Atlantic asset portfolio.

The waterfront Harbor Landing property, which sits on almost three acres within the Harbor Point neighbourhood, features studio, one- and two-bedroom apartments with high-quality finishes, and offers a range of premium amenities including pool, a club room, a fitness center and an expansive outdoor sundeck equipped with fire pits, outdoor TVs and grills.

Harbor Landing is an attractive option for New York commuters. The property offers a substantial discount for New York City multi-family renters, and is located just 1km from Stamford Transportation Center, offering direct access to New York City via Metro North Train services, as well as Amtrak train and bus services throughout the state.

“Harbor Landing is a strategic investment for neo capital, which provides access to one of the best multi-family markets in the United States,” said Deborah Watt, Head of Real Estate Investments at neo capital. “It speaks to the strength of our partnership with Monday Properties and our continued confidence in the multifamily sector.

“The property was acquired at a very competitive rate per square foot given prevailing real estate prices in the area and is another example of our commitment to provide sound investment options with significant potential for investors looking to accumulate long-term wealth through diversified portfolios.”

The property, located at 28 and 30 Southfield Avenue in the Harbor Point neighbourhood, will be managed by Lincoln Property Company.

“The Harbor Landing acquisition is a major milestone for us and a testament to our commitment to building our multifamily portfolio,” said Adam Carr, Executive Vice President of Investments at Monday Properties. “The property has Class A finishes and amenities and provides access to a competitive, growing market that has survived and thrived during Covid-19.”

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